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$6,400 Health Subsidy Real or Fake

$6,400 Health Subsidy Real or Fake

There’s a scam going around that is trying to convince you that the United States government is offering a free subsidy. The pitch is $6,400 in your wallet if you qualify. The offer can be found all over TikTok, which millions of people view every day.

Tony Binkley, President/CEO at Better Business Bureau of Greater East Tennessee. Sat down with WATE to view videos from TikTok about the unbelievable free money that is supposedly available.

In one of the videos, an automated voice can be heard saying “Yes, the 6,400 credits are real. So I can help you qualify for that quickly. Before we proceed I need to ask you a few questions. But it won’t take more than a couple of minutes.”

Several viewers have asked WATE whether there is really a free government subsidy for those who earn under 50,000 dollars a year. The answer is no, there is no $6,400 subsidy. But these influencers are trying to convince you that the deal is real.

“They’re targeting people who may be desperate, let’s just use that word, to get free $6,400 from the government. And they want you to act quickly, act now. And there are people like this telling you it is real and it’s not real,” said Binkley.

What is a Government Health Insurance Subsidy?

A government health insurance subsidy is considered to be one of the financial incentives that seem to have been established for the purpose of helping people and families lower the costs of treatment. These are usually in form of provision of funds through government whose aim is to support the state in subsidizing the premiums for health insurance for individuals with a certain income bracket or some other factor.

Government subsidies are funds that are provided by the state to assist different sectors in financing their investments as well as economic activities.

The major factor depended on to qualify for government health insurance subsidies is household income compared to household size against the federal poverty level. In general, subsidies might be viewed applicable if your income corresponds to the requirements for 100% – 400% of the federal poverty level.

Types of Government Subsidies:

  • Premium Tax Credits: Premium tax credits are by far the most widespread form of the federal financial assistance, the goal of which is to help you deal with your monthly premiums. It refers to monetary assistance provided to citizens and quantifies the voucher amount relating to the person’s income level. Where people with meager earnings get more subsidies.
  • Cost-Sharing Reductions (CSR): It means that, these subsidies greatly help in bringing down your healthcare costs by reducing your deductibles, co-payments and coinsurance. CSRs are only unlocked for those people who decided to choose only Silver plans and whose income is from 100% to 250% of the federal poverty level.

Is $6400 Subsidy Legit?

The $6400 subsidy is not legit at all. If you see an advertisement offering free money or subsidy, do not click on it at all. It is made in such a way that it looks legitimate and real. However, all this is part of a scam to steal money from innocent citizens.

When a person clicks on the $6400 subsidy advertisement or pop-up, it will ask them for their personal information to check whether they are qualified or not. In the process of getting free money, people often provide their personal information, bank details and other crucial details.

The scammers use this information to steal their money or even identity. They often target the senior citizens who are enrolled in a social security program. This is because they think that most of the seniors don’t know how to protect themselves from these scams.

When someone clicks on the scam advertisement, they are interacting with the scammers, not with the government. They pose as famous personalities, such as politicians, musicians, reporters, etc.

This makes them look legit, resulting in people falling into their trap. This is why everyone should report these scams whenever they see them. This can not only protect them but can also save others from potential fraud.

When someone reports a scam, the authorities look into the scam and identify whether it is a fraud or not. If it were determined to be a fraud. The authorities would ban the site or advertisements and take strict action against the scammers.

Moreover, people who don’t know what to do when these legit-looking scams appear should immediately report the scam to the authorities. The scammers promise a large sum of money and benefits to make people fall into their trap and share their personal information.

All You Should Know About $6400 Subsidy

This fraud came out in March in which Snoop Dogg and Joe Biden can be seen promising $6400. The fake advertisement says that Joe Biden and Snoop Dogg have partnered to provide a $6400 subsidy for people who are the recipients of Social Security.

Most of these pop-ups and advertisements appeared on TikTok. The scammers did this to steal the crucial personal information of the seniors. The scam says that the United States is sending everyone a free $6400, and people can get the amount within 48 hours.

All this was formulated by the scammers to make others think that the government is actually offering this subsidy. However, all this was just an attempt to steam information and money from the individuals.

How to Avoid Scams?

If a person sees free money advertisements or pop-ups, they should immediately report them. Never click on the included links because they might contain harmful viruses or scripts that can help the scammers steal the information.

The scams can be reported to the Federal Trade Commission. For this, go to the authorized website of the FTC and report a scam. The report is usually shared with over 2800 law enforcers so that the issue is resolved as soon as possible.

The reports can be used to do further investigation and to make cases against frauds and scams. Not only scams but frauds and bad business practices can also be reported.

Even if a person is not sure whether it is a fraud or not, they should still report it. The report can make a big difference and help law enforcers find out about potential scams and bad business practices.

Moreover, people should also spread awareness about these scams to protect their friends and family members from scams. The $6400 free subsidy is fake, and the government doesn’t offer it.

People can also check the authorized websites – benefits.gov, govloans.gov, and grants.gov to learn about all available government aid and benefit programs.