How 2024 Income Limits Impact Health Insurance Marketplace Policies
Knowing how income limits affect your health insurance is important. Let’s break down how these limits work and how they impact your coverage and costs.
What Are Income Limits?
The health insurance marketplace uses income limits to decide who can get help with their health insurance costs. These limits are based on the federal poverty level (FPL) and are updated each year. They help make sure that people with lower incomes can get affordable health insurance.
According to HealthCare.gov:
Medicaid and the Children’s Health Insurance Program (CHIP) provide free or low-cost health coverage to some low-income people, families and children, pregnant women, the elderly, and people with disabilities.
Some states expanded their Medicaid programs to cover all people below certain income levels.
Even if you don't qualify for Medicaid based on income, you should apply. You may qualify for your state's program, especially if you have children, are pregnant, or have a disability. You can apply for Medicaid and CHIP any time of year.
Income limits vary depending on how many people are in your household. For example, in 2024:
| Family size | 2024 income numbers |
|---|---|
| For individuals | $15,060 |
| For a family of 2 | $20,440 |
| For a family of 3 | $25,820 |
| For a family of 4 | $31,200 |
| For a family of 5 | $36,580 |
| For a family of 6 | $41,960 |
| For a family of 7 | $47,340 |
| For a family of 8 | $52,720 |
| For a family of 9+ | Add $5,380 for each extra person |
Remember, income limits might be a bit different in your state. Some states have expanded Medicaid, which could change the limits. It’s a good idea to check your state’s limits to see what you qualify for.
You can check here if you may save money on health insurance premiums.
Changes for 2024
Each year, income limits are updated to match changes in the economy. For 2024, there are a few important updates:
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More Help for Premiums: In 2024, more people can get help with paying their monthly premiums. Previously, you had to earn less than 400% of the federal poverty level to get help. Now, it’s up to 500%. This means more people can get financial help to lower their monthly costs.
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Medicaid Updates: Some states have made their Medicaid programs larger. This means if you live in one of these states, you might qualify for Medicaid even if your income is a bit higher than before.
How Income Limits Affect You
The income limits decide if you can get help with health insurance costs. If your income is below the limit for your household size, you might get help paying for your health insurance.
If your income is above the limit, you might not get help and will need to pay the full premium. Knowing these limits helps you understand if you qualify for financial help or if you need to look for other insurance options.
Also, income limits decide if you can get Medicaid. If your income is below the Medicaid limit in your state, you might qualify for Medicaid instead of buying insurance through the marketplace.
How Income Limits Affect Premium Help
Income limits are important for figuring out how much help you can get with your monthly insurance premiums. The more you earn, the less help you get. But, even if you earn more than the limit, you might still get other kinds of help, like reducing out-of-pocket costs.
Understanding how income limits affect your help with premiums is key when you’re comparing insurance plans. It helps you see if you can get financial help and how much.
Where to Find More Information
Frustrated by confusing health insurance options? Discover the right 2024 marketplace plan without overspending. Join our waitlist for early access to the PolicyAid insurance comparison tool.
Here are some additional places to check for more details about income limits and health insurance:
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Healthcare.gov: This site has detailed info about income limits and eligibility. You can use their tools to see if you qualify for help and compare insurance plans.
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State Websites: Some states have their own health insurance websites with extra info about income limits. If your state expanded Medicaid, their website will have details on those limits.
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Local Insurance Agents: Insurance agents who know health insurance can help you understand income limits and find the best plan for you. They can give you personal advice based on your needs.
