Benefit from A Reduced Monthly Rate
The Biden Care Tax Credit is built on the progress made under Obama's 2010 Affordable Care Act, ensuring that more Americans have access to affordable healthcare insurance.
The Biden Care Tax Credit is a subsidy that is applied to your monthly insurance rate to lower monthly insurance costs and help Americans afford quality health insurance. This subsidy is paid for by the government as a part of new health care reform measures, so Americans may enjoy lower health care costs and can afford a wider range of health care options.
According to the 2020 Federal Poverty Line, in order to qualify for the Biden Care Tax Credit, your income must be between the following:
For residents of the United States living in contiguous states (states not including Alaska or Hawaii)
Persons in Household | 48 Contiguous States and DC Yearly Household Income Range |
---|---|
1 | $12,760 - $51,040 |
2 | $17,240 - $68,960 |
3 | $21,720 - $86,880 |
4 | $26,200 - $104,800 |
5 | $30,680 - $122,720 |
6 | $35,160 - $140,640 |
7 | $39,640 - $158,560 |
8 | $44,120 - $176,480 |
9+ | Add $4,480 for each additional household member past 8 |
Residents of the United States living in Alaska:
Persons in Household | Alaskan Yearly Household Income Range |
---|---|
1 | $15,950 - $63,800 |
2 | $21,550 - $86,200 |
3 | $27,150 - $108,600 |
4 | $32,750 - $131,000 |
5 | $38,350 - $153,400 |
6 | $43,950 - $175,800 |
7 | $49,350 - $198,200 |
8 | $55,150 - $220,600 |
9+ | Add $5,600 for each additional household member past 8 |
Residents of the United States living in Hawaii:
Persons in Household | Hawaii Yearly Household Income Range |
---|---|
1 | $14,680 - $58,720 |
2 | $19,830 - $79,320 |
3 | $24,980 - $99,920 |
4 | $30,130 - $120,520 |
5 | $35,280 - $141,120 |
6 | $40,430 - $161,720 |
7 | $45,580 - $182,320 |
8 | $50,730 - $202,920 |
9+ | Add $5,150 for each additional household member past 8 |
Within these income ranges, the lower your income, the more you are going to save every month on your health insurance rate. This means that a single income household earning $15,000 annually will receive a greater premium tax credit than a single income household earning $50,000, even though both are eligible within in the same group.
If your annual household income is lower than 138% of the above levels for your household size, then depending on which state you live in, you may be eligible for Medicaid. This is heavily dependent on individual states, as some states have expanded Medicaid access while others have refused to expand under the Trump administration.
Please look on the Federal Health Insurance Marketplace, check your state's exchange, or contact us to learn more.
For household incomes that fall closer to the central or upper areas of these ranges, you may be able to save money on out-of-pocket costs through additional subsidy programs. Click here to learn more.
If you experience either a decrease or an increase to your household income, then you will be eligible for the Special Enrollment Period where you can easily update your current plan, or enroll into one that is more suitable for you.
These changes could either remove/reduce your Premium Tax Credit, or increase it depending on your income change.
In cases where you receive more for your Premium Tax Credit than you should have been paid, you will need to repay all overpayments during the tax season.
To see if you qualify, and to compare plans with an estimate of your Premium Tax Credit, please submit your zip code. You can contact us through our website or by dialing our phone number where you will be instantly connected to one of our experts.
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