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What is the lowest income to qualify for Obamacare 2022?

Under the Healthcare Reform Bill (H.R. 1676) of the 116th Congress, popularly known as “Obamacare,” certain individuals who do not have health insurance coverage will qualify for Medicaid coverage. Specifically, the law allows individuals to qualify if their income is between 100% and 138% of the Federal Poverty Level (FPL). The FPL for a family of four is $24,550.

Because the need for healthcare coverage is greater for those who have lower incomes, the law requires that Medicaid coverage be made available to those who meet the income eligibility requirements. Furthermore, the individual who applies for Medicaid must agree to work or go to school, unless they are disabled.

 

How Much Does it Cost to Qualify for Obamacare 2022?

The income eligibility requirements for Medicaid under “Obamacare” are detailed in the table below:

 

Eligibility

Under the law, an individual may qualify for Medicaid if their income is between 100% and 138% of the FPL. For reference, the FPL for an individual is $12,060 and is $16,100 for a family of four. Individuals who qualify under Medicaid are allowed to apply for coverage through individual marketplaces (e.g., ​​Covered California,​ the Exchange operating in New York, or ​the Health Insurance Marketplace​​ in Iowa).

 

Premiums

The law does not require insurers to accept all applicants for insurance coverage, and individuals who are accepted for coverage may pay higher premiums than those who are not.

 

Who will Benefit From Obamacare 2022?

A disproportionate number of those who will benefit from Medicaid coverage under “Obamacare” belong to historically marginalized groups, including African Americans, Native Americans, and Hispanic Americans. In general, Medicaid expands healthcare coverage to ​those who need it most.​ For instance, one in five Americans lives in a county that has only one hospital, and one in seven lives in a county where there is only one doctor (see table below).

 

Medicaid Expansion in 2022

As noted above, under the “Obamacare” law, all states were required to expand Medicaid coverage to include individuals whose income is between 100% and 138% of the FPL. Here is a breakdown of what happened following the enactment of the law in 2014.

 

Total Number of Persons covered by Medicaid

In 2022, Medicaid will cover approximately 69 million Americans (and 150 million persons if one includes adults who are dependents). This is close to the total population of the United States. The number of new enrollees will slow in the years 2022 to 2025 as the population ages and the number of elderly individuals with catastrophic illnesses decreases.

 

Why is it Important to Know the Lowest Income to Qualify for Medicaid?

Under the law, those who qualify for Medicaid coverage will be mandated to purchase insurance coverage through individual marketplaces or will be penalized through taxation. However, it is important to note that regardless of whether they qualify for Medicaid, those who do not have insurance coverage will be required to pay a tax penalty. While the penalty for not having insurance coverage is higher for higher-income individuals (e.g., $600 per month for individuals vs. $150 per month for those who make $100,000 per year or more), it is still not enough to cover the costs of healthcare.

 

When Does Medicaid Expire?

There are two types of Medicaid coverage under the “Obamacare” law—a full year of coverage and a partial year of coverage. Full-year Medicaid coverage applies to those who apply for coverage between October 1, 2021, and September 30, 2022, and must be continued for as long as the individual meets the income eligibility requirements. Partial year coverage applies to those who apply between October 1, 2022, and September 30, 2023, and can be discontinued once the individual meets the income eligibility requirements. Those covered under a partial year of Medicaid may still need to apply for additional coverage if their income increases and they meet the 100%-138% FPL eligibility requirements. Many individuals will qualify for both full-year and partial-year Medicaid coverage.

 

Who Pays for Medicaid?

The federal government will cover almost all of the cost of Medicaid coverage under the “Obamacare” law, assuming that the individual meets the income eligibility requirements. However, because the government's overall healthcare costs are high and the cost of Medicaid is disproportionate compared to the amount of healthcare it provides, there is a serious consideration for the federal government to eventually turn this cost-sharing program over to the states.

 

Where Can I Get More Information About Obamacare 2022?

The law itself is open for public review at https://www.healthcare.gov/hc-policy-transparency/ and the House and Senate Rules for implementing the law are also available. Furthermore, the Centers for Medicare and Medicaid Services (CMS) administers the program and is responsible for any questions or concerns regarding the law.