Financial Assistance for Health Insurance | UnityPoint Health

ACA Financial Assistance

The government may provide financial assistance - called subsidies - to help some people pay for health coverage or care if they can't afford it themselves. This is usually determined by a person's income level and family size. You will be able to find out if you qualify for financial assistance when the Health Insurance Marketplaces launch in October.

Below are some general income guidelines that might be used by the government to see if you qualify.* The lower your income within these ranges, the more you'll save.

  • Individuals: $11,670 to $46,680
  • Family of 2: $15,730 to $62,920
  • Family of 3: $19,790 to $79,160
  • Family of 4: $23,850 to $95,400
  • Family of 5: $27,910 to $111,640
  • Family of 6: $31,970 to $127,880
  • Family of 7: $36,030 to $144,120
  • Family of 8: $40,090 to $160,360

If your income falls below the amounts shown, you may qualify for coverage under your state's Medicaid program.

* For reference only. Subject to change.

What is a Premium tax Credit?

Premium Tax Credit is one type of subsidy available to eligible consumers who purchase a health plan through the Marketplace. Payment amounts are based on the consumer's income, with an individual expected to pay between 2 - 9.5% of their income toward their premiums. The tax credit will make up the difference between that percentage and the actual cost of the premium. It can be paid in advance on a monthly basis directly to the health plan, decreasing the amount of the individual's monthly premium. Applicants must elect to receive the premium tax credits in advance.

Who is eligible for a Premium Tax Credit?

Premium Tax Credit will be available to individuals with income between 101 and 400% of the Federal Poverty Level. For the year 2014, a single person earning $11,670 - $46,680.

What are Cost-Sharing Reductions?

Cost-sharing reductions is one type of subsidy available to eligible consumers enrolling through the Marketplace. Cost sharing reductions mean that plans pay a greater amount of the covered costs, taking the burden off of the consumer. The cost sharing subsidies are paid directly to the plan.

Who is eligible for Cost-Sharing Reductions?

Cost-sharing reductions will be available to those with income between 101 and 250% of the Federal Poverty Level. For the year 2014, a single person earning $11,670 - $29,175.

We Can Help

To help you through any confusion of the Affordable Care Act, UnityPoint Health  has Certified Application Counselors on staff  to help you understand your health insurance options and make sure you are properly enrolled for the right health coverage at no cost to you.

Schedule a free meeting today!

Call 1-888-275-5235