North Carolina Healthcare Subsidies | Affordable Care Act

North CaroliniansNorth Carolinians who are looking for affordable insurance have several options through federal, state, and private insurance marketplace exchange.

The government provides two types of subsidies for Americans with lower to moderate incomes: premium tax credits and cost-share reduction subsidies. Middle-income earners under age 65 who are not eligible for medical insurance coverage through their employer, Medicaid, or Medicare can apply for tax credit subsidies available through the Health Insurance Marketplace.

Who is Eligible for a Premium Tax Credit?

According to the Affordable Care Act, households with incomes from 100% to 400% of the federal poverty level can be eligible for tax credits on a sliding scale to help pay health insurance premiums for plans purchased in ACA marketplaces.

You may be eligible for the premium tax credit if you meet all of the following requirements:

  • Utilize the federal marketplace to purchase insurance
  • Are not able to get affordable coverage through an eligible employer plan that provides minimum value coverage
  • Are not eligible for coverage through a government program, like Medicaid, Medicare, CHIP, or TRICARE
  • Do not file a Married Filing Separately tax return
  • Cannot be claimed as a dependent by another person

If you have coverage through your employer, you may not be eligible for tax credits. However, if your company offers a plan that costs more than 9.5% of your income or that does not cover at least 60% of the cost of covered benefits, you can look for a more affordable plan for your medical needs and apply for tax credits.

Osborne Insurance Services Can Help You Find Healthcare Subsidies

You can start by entering your estimated yearly income, ages, and family sizes into a calculator to get an estimate of your eligibility for subsidies and how much you could spend on health insurance. You can also call Osborne Insurance Services in Raleigh, North Carolina. We help people understand the new law, determine if they may be eligible for subsidies to lower their price, and choose the right plan.

Call us today at 919-845-9955.