What is a Subsidy? Getting Help Paying for Health Insurance

what is a subsidy

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The new health care law, the Affordable Care Act brings a lot of changes and also, many questions of what the future of health care looks like.  One of the questions you may want answered is, “What is a subsidy, and how can it help you pay for health insurance?”

Starting in the beginning of 2014, almost everyone will be required by law to have some sort of health care plan. The good news is that if you qualify, the government may be able to help you pay part of the bill for your health plan and that is called a subsidy.

Who Qualifies for a Subsidy?

Who qualifies for a subsidy depends on your income, age, where you live and the size of your family. Can you get help from the government to help pay for your health care plan? Our Subsidy Estimator can show you.

The subsidy goes to your health insurance company, so your monthly insurance bill is lower.

In Florida, as in other states, if you qualify, the government will help you pay a part of the cost for your health plan through the Marketplace. These lower costs are handled with a tax credit (or subsidy). The tax credit amount depends on things like your household income, your family size and ages, as well as where you live.

Here’s How it Works:

  • The subsidy estimator will tell you if you qualify for. Let’s say you do and the it’s $183.00 per month.
  • Florida Blue will help you pick the right plan and coverage for you and your family and it costs $334 per month.
  • This is when the government subsidy kicks in.
  • So you subtract that and you’re getting $334 in coverage, for just $151 per month, however you may have to pay part of the costs of your medical bills.

People who get health insurance through their job, do not qualify for a subsidy.

Do You Still Have Question?

  1. Call 1-800-413-1569, Monday – Friday 8 a.m. to 8 p.m. (ET)
  2. Visit your local Florida Blue Center in a neighborhood near you.
  3. Click over to floridablue.com to shop and compare plans.
  4. Click over to Florida Blue’s Health Care Reform website to get more education.
  5. Contact your local agent.

With a range of plans and pricing offered in all 67 Florida counties, we hope to continue to be your partner in the pursuit of health.

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