The Federal Poverty Level and Your Health Insurance Subsidy

Nevada Insurance Enrollment Explains What a Federal Poverty Level Is

LAS VEGAS - nvtip -- Everyone has a "federal poverty level" (FPL), even wealthy people. They just have a higher FPL. People that have a "household" income that falls between 138% up to 400% of the FPL (Federal Poverty Level), can get assistance with paying for their health insurance premiums called an "Advanced Premium Tax Credit"[/simple_tooltip].  If you make less than 138% of the FPL, in Nevada you qualify for Medicaid, which is free.

Do You Qualify for a Health Insurance Subsidy?

The less money you make the more financial help you will get, the more money you make, the less financial assistance you get.  If you make over 400% of the FPL, you won't qualify for any financial assistance (AKA – subsidy).  You can buy your "qualified health plan" insurance anywhere you want, but if you want a "subsidy" your income must be between 138% – 400% FPL.

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You can call us for help with both Subsidized and Unsubsidized health insurance plans.

Qualifying for a Government SUBSIDY (Financial Assistance)

Qualifying for a SUBSIDY means you make less than 400% of what the Federal Government says is the "Federal Poverty Level".  If you qualify for an Individual / Family Health Insurance Subsidy (financial assistance), it's kind of like getting a Gift Card from the Government to help you pay your health insurance premiums.  This "subsidy" is sent to the insurance company to help you pay your premiums, and you'd pay the other portion of the premium to the insurance company.

The only way to get a "Subsidy" is to get a health insurance plan through Nevada Health Link (we will walk you through this) and only if your income is between 138% to 400% of the federal poverty level.

Be careful not to get TOO MUCH subsidy.  At the end of the year, the IRS will adjust what you've received, and what you should have received, and if you ended up getting too much subsidy, you'll have to pay it back, or if you didn't get enough subsidy, you'll get it back on your tax return.  If your income goes up or down, or you had changes to your family, you need to notify us as your broker, of these changes.  We can help you with this.

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Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554

Nevada Insurance Enrollment

Source: Nevada Insurance Enrollment
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