The 400% Rule For Health Subsidies
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Dennis Jarvis
Apr 28, 2013, 8:50:04 PM4/28/13
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Article Title: The 400% Rule For Health Subsidies
Author: Dennis Jarvis
Word Count: 515
Article URL: http://www.isnare.com/?aid=1835124&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1835124
Easy Publish Tool: http://www.isnare.com/html.php?aid=1835124
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Soon, we'll all know what our 400% of the Federal Poverty Level is. It's going to dictate whether you are eligible for potentially 1000's of dollars in health subsidies per year starting Jan 1st, 2014. That's a big deal especially with the ever escalating cost of health insurance (sure to continue increasing as we go forward). Let's look more closely at the 400% rule and how it impact whether you can expect to receive a subsidy.
How does your income compare to the Federal Poverty Level?
Many Americans are not aware of the Federal Poverty Level because they don't come close to qualify for the various Federal and State programs that use the FPL as a qualifier. Making 100% of poverty is approximately $11K per year for an adult and that's essentially minimum wage. The Health Reform ACA bill will change that significantly by using multiples of the FPL to determine eligible for health subsidies and other benefits. In fact, the ACA bill sets the cap at 4 times the FPL or 400%. This means that you can qualify for significant health subsidies if you make up to 4 times the Federal Poverty Level amounts. In the case above, this means that a person can make up to approximate $44K annually and expect to qualify. That's a lot of Americans! Now we're up to almost $4K monthly or $25/hourly. That's a wide net indeed.
Family members increase the basis for the 400% rule
The FPL is based on size of family. An individual person may be approximate $11K while a family of four might be $23K (you can find exact Federal Poverty Levels). We have to then multiply that $23K by 4 (400%) and we get $94K. That means a family of four that makes under $94K will likely qualify for a health subsidy! That's a big number and it should apply to many families across the United States. Here's the 2013 FPL limits: http://healthsubsidy.net/400_Percent_Rule_and_health_Subsidy.html
Important aspects of 400% rule for health subsidy eligibility
The 400% rule is interesting in that it's a fix line in the sand. If you make 401% of the FPL, there's no subsidy. The period of time is supposed to be the prior year's income. For example, 2012 tax filing will drive 2014 subsidy eligibility. Passive income will be included and the 400% is based on a person's MAGI (Modified Adjusted Gross Income). The modified adjusted gross income is found by taking the individual's adjusted gross income and adding back certain items such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
There are other requirements for health subsidy qualification but the 400% income level is by far the big determining factor for millions of Americans being able to qualify for $1000�s of dollars each year. This will continue to gain more recognition as people become aware of the significance of this number. Keep in mind that if income changes above the 400% limit, it can affect amounts to be paid back (from subsidies received) at tax time of the following year.
About The Author: Dennis Jarvis is a licensed health insurance agent who focuses on helping people understand the new health subsidy available through Reform for health care. http://www.healthsubsidy.net
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=1835124
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Dennis Jarvis
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=1835124
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=1835124
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: The 400% Rule For Health Subsidies
Author: Dennis Jarvis
Word Count: 515
Article URL: http://www.isnare.com/?aid=1835124&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1835124
Easy Publish Tool: http://www.isnare.com/html.php?aid=1835124
*********************** ARTICLE START ***********************
Soon, we'll all know what our 400% of the Federal Poverty Level is. It's going to dictate whether you are eligible for potentially 1000's of dollars in health subsidies per year starting Jan 1st, 2014. That's a big deal especially with the ever escalating cost of health insurance (sure to continue increasing as we go forward). Let's look more closely at the 400% rule and how it impact whether you can expect to receive a subsidy.
How does your income compare to the Federal Poverty Level?
Many Americans are not aware of the Federal Poverty Level because they don't come close to qualify for the various Federal and State programs that use the FPL as a qualifier. Making 100% of poverty is approximately $11K per year for an adult and that's essentially minimum wage. The Health Reform ACA bill will change that significantly by using multiples of the FPL to determine eligible for health subsidies and other benefits. In fact, the ACA bill sets the cap at 4 times the FPL or 400%. This means that you can qualify for significant health subsidies if you make up to 4 times the Federal Poverty Level amounts. In the case above, this means that a person can make up to approximate $44K annually and expect to qualify. That's a lot of Americans! Now we're up to almost $4K monthly or $25/hourly. That's a wide net indeed.
Family members increase the basis for the 400% rule
The FPL is based on size of family. An individual person may be approximate $11K while a family of four might be $23K (you can find exact Federal Poverty Levels). We have to then multiply that $23K by 4 (400%) and we get $94K. That means a family of four that makes under $94K will likely qualify for a health subsidy! That's a big number and it should apply to many families across the United States. Here's the 2013 FPL limits: http://healthsubsidy.net/400_Percent_Rule_and_health_Subsidy.html
Important aspects of 400% rule for health subsidy eligibility
The 400% rule is interesting in that it's a fix line in the sand. If you make 401% of the FPL, there's no subsidy. The period of time is supposed to be the prior year's income. For example, 2012 tax filing will drive 2014 subsidy eligibility. Passive income will be included and the 400% is based on a person's MAGI (Modified Adjusted Gross Income). The modified adjusted gross income is found by taking the individual's adjusted gross income and adding back certain items such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
There are other requirements for health subsidy qualification but the 400% income level is by far the big determining factor for millions of Americans being able to qualify for $1000�s of dollars each year. This will continue to gain more recognition as people become aware of the significance of this number. Keep in mind that if income changes above the 400% limit, it can affect amounts to be paid back (from subsidies received) at tax time of the following year.
About The Author: Dennis Jarvis is a licensed health insurance agent who focuses on helping people understand the new health subsidy available through Reform for health care. http://www.healthsubsidy.net
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=1835124
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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