Here is the 2015 Federal Poverty Line for the 48 contiguous states and the Distr

ID: 2430831 • Letter: H

Question

Here is the 2015 Federal Poverty Line for the 48 contiguous states and the District of Columbia: Family size Income threshold $11,770 $15,930 $20,090 $24,250 $28,410 $32,570 $36,730 $40,890 2 7 8 Below is the table of the Premium Cap for a silver plan 2015 Premium Income/FPL 100%-133% 133%-150% 150%-200% 200%-250% 250%-300% 300%-400% 2.01% 3.02%-4.02% 4.02%-6.34% 6.34%-8.1% 8.1%-9.56% 9.56% Consider Michael who lives with his wife and three children. He would like to buy a silver level family insurance plan from the federal marketplace. A silver level family insurance pian would cost $800 per month at the federal exchange. How much would Michael's monthly subsidy be if they have a family income of $42615? [t wil accept answers within $5 from the correct amount- due to rounding)

Explanation / Answer

Here in this case it is given Michael is having a wife a 3 children therefore it comes under the family size of 5 having a threshold of 28410

It is stated that the income of Michael is 42615

His income is 150% (42615/28410*100)

Monthly subsidy = 42615/12 =3551*4.02% = 143

Thank you

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Here is the 2015 Federal Poverty Line for the 48 contiguous states and the Distr

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