Learn more about Obamacare subsidies in 2018.
Can I still get healthcare subsidies in 2019? Click here to find out!
If you want to see the changes that have happened surrounding health insurance policy and regulations, you can check out eHealth’s history and timeline of the Affordable care Act (ACA). But if you’re just wondering where the government stands with health insurance subsidies in 2018, then keep reading to get the information you want.
Can I still get a healthcare subsidy in 2018?
The answer (for now) is yes!
Before we get too far into what has changed about the subsidies, it’s important to understand that there are two different kinds of subsidies out there, and they operate in different ways.
First off, both of the types of Obamacare subsidies in 2018 both still rely on federal poverty guidelines (your household income must be below a certain percentage of the poverty level). So in order to understand where you may lie on this scale, below is information on these levels:
For 2018 the federal poverty guidelines are as follows:
|Household size||Poverty level||400 percent of poverty level|
Cost-sharing reduction (CSR) payments
This subsidy is the one that faced some changes in 2017. These Obamacare subsidies are only available to people earning 250% or below the federal poverty level (about $30,000) for a single person.These subsidies focus on lowering the annual deductible for those who qualify.
Advance premium tax credits (APTC)
This Obamacare subsidy is still around in 2018 and hasn’t seen any changes since its inception. These credits are made available to people earning 400% or less of the federal poverty level (which you can see in the above graph).These subsidies are what most people know about, maybe because they deal with the most definite cost associated with health insurance plans: the monthly premium. Your plan’s premium is the set cost you’ll be required to pay every month in order to continue being covered under your plan.
What has changed about CSR subsidies?
In compliance with President Trump’s executive order signed on October 12, 2017, the government will no longer pay for cost-sharing reduction subsidies (but APTC subsidies will still be funded by the government for now).What most people don’t understand is that the government pulling out of CSR subsidies doesn’t affect them directly. Under the Affordable Care Act (ACA) insurance companies are still legally required to offer CSR subsidies to those who qualify.
How is this going to affect the health insurance market?
Although people still have access to CSR subsidies, it doesn’t mean that prices will stay the same. The cost increases will likely reach customers through a trickle effect. As the Kaiser Family Foundation reports, insurance companies have built this loss into the prices of their plans for the 2018 open enrollment—meaning while both subsidies are still available, we will likely see a hike in plan prices, since the insurance companies are having to make up for less help from the government.
No one can say for sure how one thing or another will affect the entire health insurance market. The trends of prices depend, in part, on the people buying them, and people are not always as predictable as we want them to be. So if you are planning on taking part in the 2019 Open Enrollment, beginning in November of 2018, make sure to check for updates from eHealth about what’s going on.