Open enrollment begins for Affordable Care Act health plans

Open enrollment begins for Affordable Care Act health plans

Four out of five customers on the federal Affordable Care Act insurance marketplace,, will be able to find coverage for $10 or less per month According to the government, after subsidy. Premiums vary, but The situation should be similar in many markets operated by 18 states and Washington, D.C.Ms Cox said.

“If you applied a few years ago and didn’t qualify, it’s worth reapplying,” he adds.

In general, if you lack affordable coverage through your job or you don’t qualify for government health insurance programs like Medicare and Medicaid, you’re eligible for Marketplace coverage.

Unsubsidized monthly premiums — “sticker” prices — for benchmark silver plans are rising an average of 4.5 percent as a result of inflation and higher utilization of health care services since the pandemic, according to KFF. Analysis, (Plans are grouped by metal level, ranging from bronze plans, which have lower premiums but cost more out-of-pocket, to gold and platinum plans, which have higher premiums and lower out-of-pocket costs) .) average monthly premium KFF found that a benchmark Silver plan is expected to cost about $477 for an individual, and the average lowest-cost Bronze plan is $364.

However, most marketplace customers don’t pay those sticker prices, because the tax credit reduces their monthly costs — in some cases to zero. Premium tax credits are based on family size, income and the cost of plans in the area. For 2024, people with income up to 150 percent of the federal poverty level — $21,870 for an individual or $45,000 for a family of four — have zero premium contribution For the Silver Benchmark Scheme.

People with more moderate incomes may also be eligible for subsidies, at least for now. In the past, someone who earned more than four times the federal poverty level was not eligible for a tax credit at lower premiums. But the rules were temporarily changed in 2021 to reduce income. less suddenly, Now, premiums for people earning more than four times the poverty level are set at 8.5 percent of household income ($120,000 for a family of four for the 2024 plan year).

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