What Poverty Levels Get Tax Credits for Health Insurance in 2018?

The poverty levels that quality for tax credit in the 2018 health insurance marketplace are out. If you want more information and to better understand the tax credits contact The MAIR Agency today at 919-459-2683. They will be able to help you better understand your eligibility for CHIP and Medicaid. This can be very confusing and it is often best to call a North Carolina agency that can assist you with your health insurance. The best agency to call is the MAIR Agency located in Cary, near Raleigh, Durham and Chapel Hill.

Below are the facts:

Federal Poverty Levels are also used to help determine Medicaid and CHIP eligibility and to help determine eligibility for a number of other non-healthcare related assistance programs (see full list and more details on the guidelines below).

  • If you make between 100% – 400% of the Federal Poverty Level you may qualify for premium tax credits on the Health Insurance Marketplace.
    If you make less than 138% of the Federal Poverty Level and your state expanded Medicaid, you may qualify for Medicaid or CHIP.
  • If you make between 100% – 250% of the Federal Poverty Level you may qualify for out-of-pocket cost assistance on Silver plans sold through the Marketplace.
  • Other assistance programs have unique eligibility guidelines.
  • Cost assistance for the Affordable Care Act is based on household income (family income). Household or family income for the purposes of the ACA is MAGI of the head of household (and spouse if filing jointly) plus the AGI of anyone claimed as a dependent. If you are filing as single, count MAGI only.
  • Tax credits can be taken in advance based off of the Federal Poverty Level and are adjusted on form 8962 at the end of the year based on the Federal Poverty Level.

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