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Open enrollment begins for Affordable Care Act health plans

Open enrollment begins for Affordable Care Act health plans

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

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

Generally, you are eligible for Marketplace coverage if you don’t have affordable coverage through your job or you don’t qualify for government health insurance programs like Medicare and Medicaid.

Unsubsidized monthly premiums (the sticker price) for a flagship silver plan are rising 4.5 percent on average as a result of inflation and increased use of healthcare services since the pandemic, according to a KFF. analysis. (Plans are grouped by metal levels, from bronze plans, which have low premiums but higher out-of-pocket costs, to gold and platinum plans, which have higher premiums and lower out-of-pocket costs.) The average monthly premium A benchmark silver plan is expected to cost about $477 for an individual, and the lowest-cost average bronze plan is $364, KFF found.

However, most marketplace customers don’t pay those sticker prices because tax credits reduce their monthly cost, to zero in some cases. Premium tax credits are based on family size and income and the cost of plans in the area. By 2024, people with incomes up to 150 percent of the federal poverty level ($21,870 for an individual or $45,000 for a family of four) will have a zero premium contribution for a silver referral plan.

More middle-income people may also qualify for subsidies, at least for now. In the past, someone earning more than four times the federal poverty level was not eligible to receive tax credits to reduce premiums. But the rules were temporarily modified in 2021 to meet the income limit. less abrupt. Premiums are now capped at 8.5 percent of household income for people earning more than four times the poverty level ($120,000 for a family of four for the 2024 plan year).

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John C. Johnson

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