SOC 280 Percentage Of The Federal Poverty Level
What Is the Role of Government, Politics, and the Economy in the Healthcare System?
Go to this website: http://kff.org/interactive/subsidy-calculator/
Use the following data in the subsidy calculator to research the cost of a policy for a family with these characteristics. Submit a response that answers the listed questions.
New York zip code 10001
2 Adults, ages 60 and 62
Total annual income of $25,000
What percentage of the Federal Poverty Level is this coupleâ€™s income? Give your answer in percentages and explain what the percentage means.
What percent of your total income do you need to pay for health care?
How much would you have to pay per month for health care if you did not receive a subsidy?
What would your subsidy be in dollar amounts and how much would you have to pay per month after the subsidy?
Now change the state to Alaska and keep everything else the same. What changes? Why do you think this happens?
What happens if the coupleâ€™s income goes up $1,000? Or $10,000?
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What is the connection between government, economy, and politics? Examine your personal data and then answer the following question: Do you think the costs of insurance in this program are manageable?
Finally, describe the website and its overall purpose. How did you feel about navigating the website to obtain the needed information?
A measure of income issued every year by the Department of Health and Human Services (HHS). Federal poverty levels are used to determine your eligibility for certain programs and benefits, including savings on Marketplace health insurance, and Medicaid and CHIP coverage.
The 2021 federal poverty level (FPL) income numbers below are used to calculate eligibility for Medicaid and the Children’s Health Insurance Program (CHIP). 2020 numbers are slightly lower, and are used to calculate savings on Marketplace insurance plans for 2021.
$12,880 for individuals
$17,420 for a family of 2
$21,960 for a family of 3
$26,500 for a family of 4
$31,040 for a family of 5
$35,580 for a family of 6
$40,120 for a family of 7
$44,660 for a family of 8
Federal Poverty Level amounts are higher in Alaska and Hawaii. See all HHS poverty guidelines for 2021.
How federal poverty levels are used to determine eligibility for reduced-cost health coverage
Income above 400% FPL: If your income is above 400% FPL, you may now qualify for premium tax credits that lower your monthly premium for a 2021 Marketplace health insurance plan.
Income between 100% and 400% FPL: If your income is in this range, in all states you qualify for premium tax credits that lower your monthly premium for a Marketplace health insurance plan.
Income below 138% FPL: If your income is below 138% FPL and your state has expanded Medicaid coverage, you qualify for Medicaid based only on your income.
Income below 100% FPL: If your income falls below 100% FPL, you probably won’t qualify for savings on a Marketplace health insurance plan or for income-based Medicaid.
“Income” above refers to “modified adjusted gross income” (MAGI). For most people, it’s the same or very similar to “adjusted gross income” (AGI). MAGI isn’t a number on your tax return.