From November 1 through December 15 New Hampshire residents can purchase health insurance through healthcare.gov.
Health insurance companies greatly increased monthly premiums this year in part due to uncertainty about federal funding from the Affordable Care Act. However, residents below 400% of the federal poverty level won't see as much of a change in their premiums due to tax credits and other payment reductions.
Over 400% of the federal poverty level
This category includes individuals earning about $48,000 annually or more. A family of four would have to earn over $98,000.
There are no tax credits or premium assistance payments available for this group. According to the New Hampshire Insurance Department, health insurance premiums are about 50% higher this year.
A single adult non-smoker will be able to choose from plans with a monthly premium from about $400 to $700 dollars.
250%-400% of the federal poverty level
This category includes individuals earning roughly $30,000 to $48,000 annually. A family of four would earn between $62,000 and $98,000.
According to the New Hampshire Insurance Department, residents in this group won't see much change in their premiums this year, because the Affordable Care Act guarantees they only have to pay a certain percentage of their income towards health insurance.
This group is eligible for a tax credit that brings monthly premium costs down to a range of about $150 to $600 dollars for an adult non-smoker. Residents earning less get a larger tax credit.
138%-250% of the federal poverty level
This category includes individuals earning about $17,000 to $30,000 annually. A family of four would earn between $34,000 and $62,000.
This group is eligible for a tax credit and "cost sharing reductions" that further reduce deductibles and copayments.
These cost sharing reductions are one reason why premiums are so much higher for individuals over 400% of the federal poverty level this year. In previous years the federal government funded cost sharing reductions. President Trump recently announced an end to these payments. Insurance companies calculated their 2018 premiums assuming they would have to cover cost sharing reductions.
The monthly premium for an adult male non-smoker in this group is about $1 to $400.
Below 138% of the federal poverty level
This category individuals earning less than $17,000 annually. A family of four would need to earn less than $34,000.
This group is eligible for New Hampshire's expanded Medicaid program. Individuals can choose from a limited number of plans on the health insurance exchange website, and the state covers all of the premium costs.
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