Financial Assistance

Help paying health insurance premiums and out-of-pocket costs based on affordability programs.

Financial Assistance Under Health Care Reform

Financial Assistance Under Health Care Reform Helps Save You Money!

The Affordable Care Act provides for some people who enroll in a Qualified Health Plan to be eligible for financial assistance to make their health insurance coverage more affordable under Health Care Reform.

You may get:

  • a Premium Tax Credit as a form of financial assistance. It is based on a household income of 100%-400% of the Federal Poverty Level (FPL). It may come in the form of a payment from the government to your health insurance provider to pay part of the premium of any Qualified Health Plan. It may come as a tax credit to you at the end of year after you have paid your premiums.
  • an Out-of-Pocket Maximum Subsidy. It is available to those who select a specific Qualified Health Plan and have an income of 100-400% of the FPL.
  • a Cost-Sharing Subsidy. It is available to those who select a specific Qualified Health Plan and have an income of 100% -150% of the FPL.

You cannot get this financial assistance under an affordability program and have other sponsored health insurance like group health insurance at work, veterans’ benefits, CHIP.

You do not have to go to an Exchange or Marketplace first. Start with us at Jerry S. Pearlstein Insurance Ltd. We are fully certified to make sure you get all the individual and family health insurance benefits and financial assistance offered under Health Care Reform by the Affordable Care Act.   In addition, we have years of experience working with heath insurance providers. And a mission to take care of you. Please call us for a free, no obligation personal consultation about your Health Care Reform Individual or Family Health Insurance.  Call today at 847.362.8888

How much financial assistance (or subsidy) you get depends on your household income and your family size. In general, if your income falls within the following ranges you’ll qualify to save money on your premiums in 2014. The lower your income within these ranges, the more you’ll save.

The starting point to find out how much help you get depends on your household income and your family size. In general, if your income falls within the following ranges you’ll qualify to save money on your premiums in 2014. The lower your income within these ranges, the more you’ll save.

The table below which is provided by https://www.healthcare.gov are based on 2013 numbers and are likely to be slightly higher in 2014.)

$11,490 to $45,960 for individuals
$15,510 to $62,040 for a family of 2
$19,530 to $78,120 for a family of 3
$23,550 to $94,200 for a family of 4
$27,570 to $110,280 for a family of 5
$31,590 to $126,360 for a family of 6
$35,610 to $142,440 for a family of 7
$39,630 to $158,520 for a family of 8

The Kaiser Family Foundation (http://kff.org). has a calculator that will show you how this works.  Remember that they are not using real premium amounts for Illinois.

Call Jerry Pearlstein Insurance NowWe urge you to contact an Illinois licensed and insured, federally qualified health insurance agent to personally advise you in how to get all the benefits of Health Care Reform. Call us at 847-362-8888.