With the new Patient Protection and Affordable Care Act, otherwise known as Health Care Marketplace, there are federal subsidies for these plans. This means that the government pays a portion of your health insurance premium based upon your income level.
Do I qualify for Federal Premium Subsidies?
1) Do I qualify for a federal premium subsidy? All persons up to 400% above the poverty line receive a government subsidy. This is for individuals with an annual income up to about $46,000, and a household of four up to about $92,000, will qualify for this benefit.
2) How much will my subsidy pay? It depends. If you are single, 35, a non-smoker, and make $30,000 a year, you will receive a subsidy of approximately $143 every month toward your Silver Plan premium.
3) Are these exact costs for Health Care Exchange premiums? No. All the costs are estimates until more details are released.
4) When do the plans begin? January 1, 2014. But remember enrollment begins October 2013.
Please call the number above or contact us for help with any questions you might have.