What is the low income cut-off?
RE: What is the low income cut-off?
FROM THE ARTICLE:
What if you don’t think you can afford it?
Obviously, if everyone could afford to enroll in health care, chances are we wouldn’t have an Obamacare plan to deal with at all. As it stands, 61% of the uninsured respondents surveyed by InsuranceQuotes cited money issues as the main reason they havent purchased health insurance.
To help, the government has put in place tax credits that are specifically designed to help low-income households cover the cost of a health care plan.
To qualify, individuals or families can earn household incomes up to 400% of the federal poverty level ($94,200 for a family of four in 2013). You can claim the tax credit in advance, rather than paying upfront for your health care plan and then waiting for a refund after tax season, Adams notes.
Generally, the government will apply those credits directly to your health insurer, which will reduce your premium cost.
To find out how big a tax credit you can expect, use this KAISER PERMANENTE CALCULATOR: