Renewal of Premium Discounts
A quick "Under the Hood" look at Premium Discounts through The Insurance Marketplace - Healthcare.gov
To make premiums affordable - the Affordable Care Act allows consumers to apply for "Advanceable Premium Tax Credits " .
These apply to individuals and families with modified adjusted gross income (MAGI - in tax talk ) between 100 % - 400 % of the FPL (federal poverty level ).
Then there is a sliding percentage of this income that you should pay for a baseline insurance plan. 2% - 9.5%
To make premiums affordable - the Affordable Care Act allows consumers to apply for "Advanceable Premium Tax Credits " .
These apply to individuals and families with modified adjusted gross income (MAGI - in tax talk ) between 100 % - 400 % of the FPL (federal poverty level ).
Then there is a sliding percentage of this income that you should pay for a baseline insurance plan. 2% - 9.5%
These FPL values will change for 2015.
Insurance plans are now banded into " Metal Levels " - Platinum, Gold, Silver, Bronze. The Marketplace takes the " second lowest cost " Silver plan as the baseline.
These plans are rated by age ( but not gender) - so this premium will change based on age for 2015.
Also - the insurance companies are allowed to change premiums based on claims. Never your own claims individually - instead everyone in the state. There are also area factors - basically how well the insurance companies negotiate benefit payments to medical providers doctors and hospitals.
So the premium for the baseline Silver will change for 2015.
So looking under the hood -
And here's this:
Insurance plans are now banded into " Metal Levels " - Platinum, Gold, Silver, Bronze. The Marketplace takes the " second lowest cost " Silver plan as the baseline.
These plans are rated by age ( but not gender) - so this premium will change based on age for 2015.
Also - the insurance companies are allowed to change premiums based on claims. Never your own claims individually - instead everyone in the state. There are also area factors - basically how well the insurance companies negotiate benefit payments to medical providers doctors and hospitals.
So the premium for the baseline Silver will change for 2015.
So looking under the hood -
- The Marketplace takes your estimated income for 2015.
- Applies a percentage of income you will pay in premiums
- Based on the Baseline Silver plan
- At your current age ( as of effective date of coverage)
- Then - this is your Premium Discount.
And here's this:
