Question: I am a full-time graduate student with no income. I applied for Medicaid several years ago, but was turned down because I had too much money in savings. I have spent some of my savings, but I believe it is still more than what is required to qualify for Medicaid based on the reason I was rejected several years ago. It sounds like I will not qualify for any financial support for the healthcare exchange because I have no income and with no income I should be applying for Medicaid. So unless Medicaid in PA changes their rules on savings, I will not qualify for that either. Does this sound about right? Does the amount of savings one has also get calculated in for the healthcare exchange?
Answer: Gigi, your eligibility for financial assistance will depend on whether you have any income at all. If you earn between 100% and 400% of the federal poverty level, which is between $11,490 and $45,960 in 2013, you will qualify for a subsidy that reduces the cost of insurance that you buy on an exchange. The amount you have in savings will not matter. At 100% of the poverty level, the subsidy will bring the cost to near zero.