How much do I have to earn to “qualify” for Obamacare?
Every year, the federal government updates the income limits of individuals or families to be able to access the subsidized health insurance market during the enrollment period, created under the Patient Protection and Affordable Care Act, known as Obamacare.
In this way, it establishes both the minimum and maximum income so that a person or a family unit can enjoy the benefits of a subsidized health insurance plan.
The income range is set from the poverty level indicated each year, in January, by the Department of Health and Human Services (HHS). Said Department established, in January 2020, that a single person, without dependent children, who earns an annual salary of $ 12,760, is 100% poor. Which means you can access the subsidized health insurance marketplace, known as Obamacare.
But the poverty level is not a line, but a range that moves from 100% ($ 12,760) to 400% ($ 51,040). That is, that same single person can access subsidized health insurance if they receive an annual salary within the range of $ 12,760 to $ 51,040.
If your income is lower, you may be eligible for MEDICAID or another assistance program, but you are out of Obamacare. If it is more than $ 51,040 you will not be entitled to subsidized health insurance and to have health insurance, you would have to buy a regular insurance plan.
In the following table, we can see the ranges of the different family nuclei within which they can access subsidized health insurance.
For example, a household with two people can access the subsidized health insurance market if the income of the nucleus is at least $ 17,240 and a maximum of $ 68,960. On the other hand, in a house of a married couple with a child, that is, three in a family, to access said insurance they must enter a minimum of $ 21,720 and a maximum of $ 86,880.
The enrollment period begins on November 1 and runs until December 15. If you are within these ranges, do not miss the opportunity and contact your Univista Insurance agent, they will enroll you in the subsidized medical plan that best suits your needs. And rest assured, you’ll receive top-notch health insurance without shelling out large sums of money.