To help make health care more affordable, the federal government offers advance premium tax credits, or subsidies, to low-to middle-income individuals and families. Your subsidy is an advance premium tax credit and is applied directly to your premium. Subsidies reduce the monthly cost of an insurance plan. You do not have to pay the cost upfront and receive your tax credit later.
To be eligible for a subsidy, you must meet certain requirements. Be between 100% and 400% of the federal poverty level (FPL). Not eligible for public coverage, such as Medicaid, the Children’s Health Insurance Program, Medicare or military coverage. Not have access to insurance through an employer. An exception can be made if the employer’s plan doesn’t cover at least an average of 60% of covered benefits or if the employee’s share of the premium is more than 9.5% of his or her income. Employers can tell you if their plans meet these criteria. Subsidies can be used on any plan you choose except for grandfathered plans and catastrophic plans for those under 30. How much of a subsidy you qualify for is based on income and household size.
Our FREE RATE QUOTE through Blue Cross Blue Shield of North Carolina offers a calculator to estimate your subsidy. Just click on the blue calculator at the top of your rate quote and enter the income information.
For more information on health insurance coverage in North Carolina, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our professional agents. Our agency provides coverage for health insurance in North Carolina through Blue Cross Blue Shield of North Carolina (BCBSNC). It would be our pleasure to help you navigate through the Health Care Reform changes in accordance with the new regulations of Obama care. Call us for details.