I am unemployed right now, how do I estimate my income for 2025?

If you are currently unemployed or had your work hours significantly reduced, your average monthly income may qualify you for health coverage through Medicaid. Medicaid eligibility is based on your monthly income, as well as other state-specific requirements. Single adults making less than $1,500/month likely qualify for Medicaid. To see if you qualify for Medicaid, look here: https://www.healthcare.gov/lower-costs/ 

If you expect to return to work in 2025, you may qualify for a premium tax credit to help you pay for a plan through Stride! Remember, your health insurance price is based on your estimated income for the year you are applying for coverage. If you are applying for coverage during the Open Enrollment period, you should be providing an income estimate for 2025. 

You could qualify for a significant tax credit if your annual income projection for 2025 is:

• +$12,760 if you are a 1-person household 
• +$17,240 if you are a 2-person household
• +$21,720 if you are a 3-person household
• +$26,200 if you are a 4-person household

If you live in AL, FL, GA, KS, MS, MO, NC, OK, SC, SD, TN, TX, WI, or WY, and you are a single adult or married with no dependents, you may fall into the "Medicaid Gap". This means you would not qualify for Medicaid or tax credits to help pay for insurance, even if your income is less than $1,500/month.

If this applies to you, you have a few options:

• If you believe you will return to work in 2025, you can report your income assuming you will work during 2025. 
• If you do not believe you will return to work in 2025, you can still enroll in a plan through Stride but you will not be eligible for savings. You can always report an income change during the year that may qualify you for a tax credit.
• If you choose to forgo enrolling in health insurance during Open Enrollment, you may be eligible to enroll in a plan mid-year if your income increases above $1,500, which would qualify you for Special Enrollment to sign up for a subsidized plan.