Eligibility for the tax credit is relatively simple. The individual has to have income that is between 100 percent and 400 percent of the federal poverty level, and purchase the policy through an exchange or marketplace. As an example, an individual making $30,000 a year has a policy that costs $3,857 per year. The individual is responsible for paying 8.37 percent of their income towards their premium. The total tax credit is $1,345, leaving a balance of $2,512 to be paid by the individual, or a little more than $200 a month. Those who are able to get affordable coverage through an employer or Medicaid are ineligible to receive tax credits.
For more information about health care policies in the Sonoma County area, contact Sackett & Associates for what is available and quotes.