Is $11,770 income required in all states to get coverage?
In 2015 the minimum income for ObamaCare cost assistance was $11,770. It raises by about $100 a year. Meanwhile, on 2018 plans bought during 2018 open enrollment (Nov 1 - Dec 15, 2017) the minimum income for the marketplace is $12,060.
If you project your income to be below 138% of the poverty level ($16,643 for 2017 for example), and your state expanded Medicaid, you can enroll in Medicaid instead. Children have even more options for CHIP.
A few tips that will help you understand your options:
- Only 30 states as of July 2015 have agreed to expand Medicaid. In the other 20 states, Medicaid may be available only in select situations.
- CHIP generally has higher eligibility limits, so children and parents can sometimes get free or low-cost coverage in states that didn't expand Medicaid.
- Tax credits are offered based on your projected household income as compared to the Federal Poverty Level. If your income ends up being lower at the end of the year, you won't have to pay back tax credits.
- If you take tax credits you'll have to file taxes for the year you take them. You'll need to file form 8962 to adjust your premium tax credits. If you make more than expected, you may owe back tax credits.
- You can take deductions that lower your household income and help you qualify for more cost assistance, just make sure you don't go below the 100% line.
- We suggest a silver plan if your income is below 250% of the poverty level. These plans will qualify for cost-sharing reduction subsidies to lower out-of-pocket costs.
- Household income is the head of households MAGI, spouses MAGI, and tax dependents AGI. Learn more about MAGI here.