North Carolina Health Care Reform - Will You Receive a Subsidy?

There are four factors that will determine your premium for health care reform plans.

  1. Age
  2. Smoker
  3. Geographical Location
  4. Income
No longer will health questions be required.  However, I believe the most confusing factor will be your income.  Income will determine what subsidy will be available to offset your premiums.  The chart below will give you an idea of what income limits will be considered during ACA to determine who qualifies for a subsidy.

2013 Federal Poverty Limits (FPL)
# Person in
Household
100% FPL 150% FPL 200% FPL 250% FPL 300% FPL 400% FPL
1 $11,490 $17,235 $22,980 $28,725 $34,470 $45,960
2 $15,510 $23,265 $31,020 $38,775 $46,530 $62,040
3 $19,530 $29,295 $39,060 $48,825 $59,590 $78,120
4 $32,550 $35,325 $47,100 $58,875 $70,650 $94,200


As you can see above, a family of 4 with an income of $94,200 or less will qualify for some sort of premium subsidy and vice versa a family of 4 with income greater than $94,200 will not receive a subsidy.

So now we have determined who will qualify for a subsidy, now how much will you receive?  Unfortunately I can't answer that exactly at this time because the amount will be based on a percentage of the premium. The chart below will show what percentage of the total premium your subsidy will be based on a family of four and where you fall in the income scale.



  
For example, a family of 4 that makes $70,650 (300% FPL) will receive a premium subsidy equivlant to 45% of the annual health insurance premium.  Rates are being filed with the Department of Insurance now by the various carriers.  We should have a better look at what premiums will look like in the coming months.

Tagged as Affordable Care Act North Carolina, NC Health Care Reform Subsidy, North Carolina Health Care Reform Subisdy.

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