What is the minimum income for cost assistance under ObamaCare?


Answer

The minimum income for ObamaCare is 100% of the federal poverty level. The dollar amount of this changes every year, but for 2020 it is $12,490 for an individual and $25,750 for a family of four.

You can check the federal poverty level guidelines each year to figure out what the minimum income level is. Please note that in states that expanded Medicaid, those making under 138% of the poverty level ($17,236 for an individual and $35,535 for a family of four in 2020) qualify for Medicaid.

Also note that the out-of-pocket assistance thresholds are different. See the chart below for more details.

TIP: You'll use the 2019 federal poverty level guidelines to determine 2020 cost assistance for premiums and out-of-pocket costs (see the 2020 guidelines for Medicaid thresholds for 2020; they will be slightly higher than the thresholds listed below).

Types of Cost Assistance For 2020 Individual Annual Income Family of Four Annual Income
Medicaid health coverage (if your state
decides to offer it)
Up to $17,236 Up to $35,535
Help to pay your premium (if you buy in
your state's online marketplace)
Between $12,490-$49,960 Between $25,750-$103,000
Subsidies for out-of-pocket costs (if you
buy a Silver plan in your state's online marketplace)
Between $12,490- $31,225 Between $25,750-$64,375

NOTE: Alaska and Hawaii use different guidelines (see this link to guidelines as published on HHS.Gov).

 

Rate and Comment on the Answer

Your email address will not be published. Required fields are marked *

1 2 3 4 5

This site uses Akismet to reduce spam. Learn how your comment data is processed.