One of the most frequent questions we get asked is, what does it take to qualify for Obamacare? Now what they're usually asking is how do we qualify for the tax credits, and the cost-sharing associated with Obamacare? Now what I'm about to share with you is just a brief overview, and it is not designed to be complete advice because there's so many different variables that are involved and things are always changing. So the rules I'm about to share with you apply to everyone, including U.S. citizens, immigrants from abroad, as well as people over age 65 who are not eligible for Medicare. Sometimes we have parents of immigrants that migrate into this country after age 65 just to live with their children and they need health insurance, but they are not eligible for Medicare because they have not worked in this country.
First of all, if you just want to buy health insurance through the Health Insurance Marketplace, there are two main criteria. One is that you must be a permanent legal resident of this country and for most of us that means having a valid Green Card or a U.S. citizenship. Now there are many other qualifying visas and if you want to look to see if you're eligible, got to healthcare.gov for the complete list. The second criteria is that you must not be eligible for other benefits, such as Medicare, Medicaid, group health insurance and not be incarcerated in prison.
So let's talk about what it takes to qualify for the tax credits and the cost-sharing within Obamacare. Basically, you must have income that falls within the limits of the Federal Poverty Levels and that is determined by the number of people that you have within your household. For people who do not have any income or enough income, unfortunately you may not be eligible for the tax credits and the cost-sharing. In some cases, you may be eligible for Medicaid depending upon state rules and your citizenship.
If you would like to see current quotes with or without the tax credits, click here
For people whose income is above the threshold (see chart above), unfortunately you're not eligible for the tax credits either, which means that you have to pay the full premium if you want to buy coverage through the Health Insurance Marketplace, but good news is now that the individual tax mandate is no more, there are some alternatives that are available off the marketplace which you can also consider.
Some of the more popular plans are short term medical/catastrophic health plans.
Checkout our article on Why Short Term Medical is HOT right now!
I know all of this is complicated because there's so many different rules. The best thing to do is schedule your discovery call and let's talk. Let's figure out where you're at. Let us make some recommendations for you and we'll go from there.