H 210: Shopping for Health Insurance Obiectives: 1) To appreciate the affordability of health care when living at or near the poverty level 2) To calculate typical out of pocket costs for health care services Background: Poverty level and the ACA Under the ACA, states receive federal funds to expand their Medicaid progranm eligibility to all individuals up to 138% of the FPL($15,880/year for an individual. Individuals with incomes between 139% and 400% of the FPL are eligible to receive assistance (subsidies) to pay for health insurance premiums and for some out of pocket costs for private health plans purchased through the exchanges. (In states that have not expanded their Medicaid programs, most single adults with salaries below $15,880 will receive no assistance in purchasing health insurance.) For this assignment, we will explore health plan options for a lamily of four with both parents working in jobs where their wages are just above federal minimunm wage - estimated $33,160 annually. Keep in mind, the family will be responsible for federal income tax of 10% and social security tax of 6.7% (a total of $5538 in federal taxes alone). A family of four will spend an estimated $7,800 annually on food, and if the children are not yet in school, day care will cost approximately $12,000 each year. Part I: Calculations Using the state's insurance exchange information, I identified several health plan options available to such a family here in Oregon. (I choose "Browse plans" and entered family income, zip code, adults under age 64 and kids under age 5, and smoking status to get the exact cost for each of the plans) H 210: Shopping for Health Insurance Obiectives: 1) To appreciate the affordability of health care when living at or near the poverty level 2) To calculate typical out of pocket costs for health care services Background: Poverty level and the ACA Under the ACA, states receive federal funds to expand their Medicaid progranm eligibility to all individuals up to 138% of the FPL($15,880/year for an individual. Individuals with incomes between 139% and 400% of the FPL are eligible to receive assistance (subsidies) to pay for health insurance premiums and for some out of pocket costs for private health plans purchased through the exchanges. (In states that have not expanded their Medicaid programs, most single adults with salaries below $15,880 will receive no assistance in purchasing health insurance.) For this assignment, we will explore health plan options for a lamily of four with both parents working in jobs where their wages are just above federal minimunm wage - estimated $33,160 annually. Keep in mind, the family will be responsible for federal income tax of 10% and social security tax of 6.7% (a total of $5538 in federal taxes alone). A family of four will spend an estimated $7,800 annually on food, and if the children are not yet in school, day care will cost approximately $12,000 each year. Part I: Calculations Using the state's insurance exchange information, I identified several health plan options available to such a family here in Oregon. (I choose "Browse plans" and entered family income, zip code, adults under age 64 and kids under age 5, and smoking status to get the exact cost for each of the plans)
