Under the Affordable Care Act, subsidies cost sharing or cost sharing reductions (CSRs), discounts for families to help low-income with out-of-pocket medical expenses. This article contains answers to frequently asked questions (FAQs) about the ACA cost sharing subsidies.
What are the cost-sharing subsidies?
What are the cost-sharing subsidies? The cost-sharing subsidies are designed to individuals and families pay for their deductibles, coinsurance and co-payments to help. The cost-sharing subsidies in addition to the premium tax credits available to help pay for their monthly health insurance premium authorized persons.
The cost-sharing subsidies essentially allow individuals and families to pay a standard silver-plan, but richer benefits
Who qualifies for a grant Cost Sharing
a subsidy cost sharing to households provided that:.?-
have an income between 100 and 250 percent of the federal poverty level (FPL). This corresponds to an individual $ 29,175 in 2014, or a family of four earning $ 49,475 earn.
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a "silver" health plan purchased by their national health insurance market.
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you do not have access to affordable health insurance through work or a government program.
Those who are members of a federally recognized tribe are, are also eligible for cost sharing subsidies.
What a Silver plan?
are divided into four metallic layers individual health insurance plans. The levels are: Bronze, Silver, Gold and Platinum. With a Silver plan insurance usually covers 70 percent of costs covered.
How much are the cost-sharing subsidies?
The cost-sharing subsidies reduce the amount a family pays for out-of -Pocket expenses and are on the household income and composition.
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A family of four with incomes between 100 and 150 percent of the federal poverty level ($ 23,850 to $ 35,775) is responsible for out-of-pocket pay six percent of covered expenses -. compared with 30 percent without cost sharing subsidies
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A family with an income between 150 and 0 percent of the poverty level ($ 35,775 to $ 47,700), the cost of 13 per cent.
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A family with an income between 0 and 250 percent of the poverty level ($ 47,700 to $ 59,625) is to be responsible for 27 percent responsible, cost.
Here is a video of Healthcare.gov cost sharing to explain subsidies.
cover Video courtesy of Healthcare.gov
What out-of-pocket expenses, the cost-sharing subsidies
are applied, the cost-sharing subsidies to the following out-of-pocket costs:
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deductible: the amount for covered care paid before the insurer begins to pay. For example, a family or individual will have to pay $ 500 out-of-pocket for covered services before the insurance pays; , For a covered service to the doctor a number dollar amount paid: this would a $ 500 deductible
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co-payment. For example, it can a $ 30 co-payment for a doctor's visit be
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coinsurance .: , the percentage of allowable charges for the services designated to pay a family or individual not necessary. For example, if an insurer 80 percent of the fees is in charge of a service, the family or individual for the remaining 20 percent would be responsible.
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