What is the 2023 Health Credit Subsidy?
The 2023 Health Credit Subsidy provides a subsidy toward a qualified health insurance plan through the marketplace.
How it works: When you take advantage of the subsidies, the cost of private health insurance is lowered based on the size of your family and your household income. Subsidies can be applied throughout the year to lower your monthly bill, or the lump sum can be taken as a credit when you file income taxes.
Let’s look at an example – say you are a qualified family of 4 that currently pays $5400 per year for private health insurance coverage. With the expanded 2023 subsidy – your family could qualify for no-cost health insurance – meaning you have $5400 in savings to spend on other things you and your family need. You can allocate your $5400 savings to other life expenses.
How do I get this subsidy – what’s the catch?
The good news is there is no catch! These health insurance subsidies have been updated for 2023 and are available if your income falls in a certain range based on family size.
Does this subsidy apply to all health plans?
Great question – the subsidies can lower the cost of insurance from any company, and the discount can be applied to four levels of coverage: Bronze, Silver, Gold, and Platinum.
Healthcare subsidy income limits for 2023*
| Household size | Min. income | Typical max. income |
|---|---|---|
| 1 person | $13,590 | $54,360 |
| 2 | $18,310 | $73,240 |
| 3 | $23,030 | $92,120 |
| 4 | $27,750 | $111,000 |
| 5 | $32,470 | $129,880 |
| 6 | $37,190 | $148,760 |
| 7 | $41,910 | $167,640 |
| 8 | $46,630 | $186,520 |