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Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.
Question: If the Silver Plan is the only level available for the subsidy, what would be the purpose of applying for any other level of coverage inside of the exchange?
Answer: While the dollar amount of the premium assistance is computed based on the Silver Level, you can apply that amount to any level plan. Those who know they are going to have major medical expenses might opt for the Platinum and those with no health issues might apply their subsidy to a Bronze plan for a lower net premium.
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The amount of subsidy is not based on the level of plan a person chooses, but the family’s modified adjusted gross income (MAGI). If at or below 400% of the Federal Poverty Level (FPL), then the taxpayer will qualify for a refundable tax credit.
In order to obtain that tax credit in advance, one must purchase health insurance through the Exchange. That can be done through a Navigator agency or through an Exchange-certified insurance agent.
I though that I read somewhere that in order to obtain a bronze plan you could not be over 250%FPL. Am I dreaming or is that true??