Half of residents will be eligible for federal subsidies according to study

Nearly half of all residents who currently purchase their own health insurance will be eligible for federal subsidies through the Affordable Care Act’s health insurance exchanges in 2014, reports a recent Kaiser Family Foundation study.

Individuals or families with annual incomes between 100% and 400% of the federal poverty level, which is between $11,500 and $46,000 for an individual and $23,550 and $94,200 for a family of four, are eligible for federal subsidies under the ACA to help offset the cost of purchasing coverage in state exchanges.

Kaiser researchers used the Congressional Budget Office’s estimate of an average premium for the second-lowest cost plan available through the exchanges in 2016. The analysis found that about 48% of residents who currently purchase coverage in the individual market will be eligible for subsidies in 2014. The researchers estimated that federal subsidies for individuals would average $2,672 while family subsidies would average $5,548.

However, the authors noted that it is difficult to determine exactly how much residents will be paying for coverage through the exchanges because subsidy amounts will vary based on several factors, including age, income, place of residence and the type of policy chosen.

2013-08-14T00:00:00+00:00 August 14th, 2013|Advocacy|