REDQUOTE BLOG
2019 HEALTHCARE PREMIUM RELIEF
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Since the Afforddable Care Act began requiring people to purchase health insurance in 2014, many have been searching for ways to make their healthcare premiums more affordable. Shoppers who purchase healthcare coverage through the Marketplace may be eligible to receive the premium tax credit. The premium tax credit was designed, as a part of the Affordable Care Act, to provide consumers help with the cost of health insurance purchased through the Marketplace. In addition to other rules, such as not being claimed as a dependent by another person and not filing tax returns as “Married Filing Separately”, to be eligible for the premium tax credit, you must have a household modified adjusted gross income (MAGI) between 100% and 400% of the Federal Poverty Level.
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Household income limits are based on the number of people in the household. In general, for those living in the contiguous 48 states and Washington, D.C., the 2019 income limits to receive the tax credit are:
| Household Size | Federal Poverty Level | 400% of Federal Poverty Level |
|---|---|---|
| 1 | $12,140 | $48,560 |
| 2 | $16,460 | $65,840 |
| 3 | $20,780 | $83,120 |
| 4 | $25,100 | $100,400 |
| 5 | $29,420 | $117,680 |
| 6 | $33,740 | $134,960 |
| 7 | $38,060 | $152,240 |
| 8 | $42,380 | $169,520 |
Families with more than 8 people should add $17,280 to the Federal Poverty Level for each additional person. Hawaii and Alaska have higher guidelines, which can be found here.
Qualifying For Medicaid
If a household MAGI is below the Federal Poverty Level, consumers may be eligible for health insurance through their state’s Medicaid program. In Washington, the income limits for Medicaid eligibility, known as Apple Heath, are:
| Household Size | Maximum Monthly Income |
|---|---|
| 1 person | $1,384 monthly |
| 2 people | $1,874 monthly |
| 3 people | $2,364 monthly |
| 4 people | $2,854 monthly |
| 5 people | $3,344 monthly |
| 6 people | $3,834 monthly |
| 7 people | $4,324 monthly |
| 8 people | $4,814 monthly |
How We Can Help
When it comes to understanding healthcare options, you don’t have to do it alone. RedQuote is a team of healthcare professionals ready to help you determine your MAGI, your eligibility for Medicaid or to help you find healthcare coverage before Open Enrollment ends. Our team works with you to find the best healthcare plans for your family and your budget. Let us take the confusion out of health insurance. Call us today!
Published Dec 10, 2018.