Subsidies for health insurance easier to obtain; here’s why
RENO, Nev. (KOLO) - Back in August, President Biden signed the “Inflation Reduction Act”.
He touted the benefits like lowering the cost of insulin for seniors. A little-known clause in the act deals with health insurance sold through state exchanges.
Specifically, subsidies offered to those trying to buy health insurance.
“It used to be if your income was above 138% of poverty level and below 400% of federal poverty that you would qualify for the subsidy,” says Alex Sampson President of Health Benefits Associates. “Now even if your income is above 400% of federal poverty level you would still qualify for a tax subsidy based on your income at that point.”
For those who qualify for these subsidies it means they cannot pay more than 8.5% of their annual income on a Silver Plan offered by Nevada’s health insurance exchange known as Health Link.
Sampson types in an annual income of $40,000 dollars and shows us plans that are at no cost because of the subsidy, or less than $50 dollars a month. He’s convinced not all consumers know about the subsidies and believes more people would sign up for health insurance through Health Link if they knew about them.
And it’s not too late.
As the website says there are nine days left as of today January 6 to January 15th to sign up for health insurance through Health Link.
That health insurance will kick in on February 1. 2023.
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