{"id":2982,"date":"2019-10-17T21:24:49","date_gmt":"2019-10-17T21:24:49","guid":{"rendered":"http:\/\/www.www.idahoinsuranceagency.com\/?p=2982"},"modified":"2023-07-20T18:14:40","modified_gmt":"2023-07-20T18:14:40","slug":"about-health-subsidies","status":"publish","type":"post","link":"https:\/\/www.idahoinsuranceagency.com\/about-health-subsidies\/","title":{"rendered":"About Health Subsidies"},"content":{"rendered":"

Health subsidy changes are new to most people.\u00a0 They have many questions about how it works and whether a person is eligible.<\/p>\n

\n
\n

Eligibility<\/strong><\/p>\n

The subsidy will generally be available for individuals and families who are U.S. citizens.<\/p>\n

Up to 400% of the Federal Poverty Level<\/strong><\/p>\n

The subsidies are designed to help those that make up to 400% of the Federal Poverty Level afford health insurance.\u00a0\u00a0Those amounts are located here<\/a>.<\/p>\n

The qualifications also have a “look back period”.\u00a0 So, for example, your April 2013 tax filing (for 2012 income) will dictate your 2014 eligibility.\u00a0 Anyone below or between 133% and 150% of the FPL may qualify for no-cost Medicaid.\u00a0 From that baseline up to 400% of the FPL, you will likely be eligible for a health subsidy.\u00a0 There is NO subsidy for those above 400% of poverty.\u00a0\u00a0\u00a0Click here for more details about the 400% Rule<\/a>.
\n
\nHow much Health Subsidy can you Expect? (Hint: 9.5% of your income becomes a factor)<\/strong><\/p>\n

So, assuming you qualify for a health subsidy based on the 400% Rule of the FPL, how much will you receive?<\/p>\n

There are two factors:<\/p>\n

First, how much is the underlying health insurance plan premium itself?\u00a0 This is dictated by your age, area and family composition.<\/p>\n

The second factor is the 9.5% Rule, which means you shouldn’t have to pay more than 9.5% of your MAGI (Marginal Adjusted Gross Income) towards health insurance.\u00a0 So, if you make $1,000 monthly in MAGI, your health insurance shouldn’t be more than $95\/monthly.\u00a0 As you go down the scale, the percentage actually drops lower than 9.5%.\u00a0 If your health insurance is $400\/monthly, your expected subsidy would be $305\/monthly or more than $3600 annually.\u00a0\u00a0We recommend using a Health Subsidy Calculator for an estimate.\u00a0\u00a0<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Health subsidy changes are new to most people.\u00a0 They have many questions about how it works and whether a person is eligible. Eligibility The subsidy will generally be available for individuals and families who are U.S. citizens. 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