$1,500 Checks for American Families – Here’s Who Qualifies

(KMDL-FM) We would not blame you in the slightest if you looked at the headline promising financial support for American families via the federal government with just a bit of trepidation. It seems as if every other day, someone in Washington is talking about giving you money. The problem is, they're just talking about it until today, maybe.

Legislation has been proposed by Louisiana Senator Bill Cassidy and Idaho Senator Mike Crapo that would serve as an alternative to the Affordable Care Act subsidies. The Affordable Care Act, often referred to as Obamacare, gave hundreds of thousands of Americans the opportunity to shop for healthcare at prices held lower by those government subsidies.

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Under the plan proposed by Cassidy and Crapo, the federal government would eliminate those Obamacare subsidies by depositing anywhere from $1,000 to $1,500 into health savings accounts for Americans who qualify.

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Who Qualifies for $1,500 Check Under the Crapo/Cassidy Bill?

In simple terms, a check for $1,000 from the federal government would be directly deposited into a health savings account for consumers aged 18 to 49. The amount would be raised to $1,500 if you are aged 50 to 64. Those are the age requirements and qualifications.

What Are the Income Requirements for the Crapo/Cassidy Bill?

On the income side of the equation, you must also meet to qualify for the stipend. The federal checks would only go to people who earn up to 700% of the federal poverty level. Don't you love how they always make it hard to find the real number in all of these government programs?

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Based on figures provided by the federal government, we've deduced that the number would be $109,550 for an individual or $225,050 for a family of four. The legislation also has a requirement that, in order to receive the stipend, you must be enrolled in a bronze or catastrophic Affordable Care Act Plan.

Is $1,500 Going to Really Be Enough to Help Americans with Healthcare Costs?

Here's an interesting fact about the $1,000 and $1,500 Health Savings Deposits that you might want to consider. The deductible for most Affordable Care Act bronze or catastrophic plans is greater than $1,500. In fact, the average deductible works out to be closer to $7,400. So, thanks, I guess.

A vote on what is called the Crapo/Cassidy Bill is expected to happen in the United States Senate as early as today. President Trump has gone on record in support of the legislation.

Opponents of the legislation say it works if you're healthy. However, most Americans will find that the legislation will leave them with higher out-of-pocket costs than previously expected. But if something isn't done by the first of the year, it is possible that Affordable Care Act Premiums could increase substantially without federal government intervention.