2024 Federal Poverty Level (FPL) Adjustments: What You Need to Know
The Federal Poverty Level (FPL) is a measure of income used to determine eligibility for various government programs, including the Affordable Care Act (ACA). The FPL is adjusted annually for inflation, and the 2024 adjustments have recently been announced.
What are the 2024 FPL Adjustments?
For 2024, the FPL will increase by 3.29% for the first person and 4.67% for each additional person. This means that the FPL for a single person will increase from $14,580 in 2023 to $15,060 in 2024. The FPL for a family of four will increase from $30,000 in 2023 to $31,200 in 2024.
What does this mean for you?
The FPL adjustments will affect eligibility for various government programs, including the following:
ACA Health Insurance
The FPL is used to determine eligibility for premium subsidies and cost-sharing reductions under the ACA. For 2024, people with incomes up to 400% of the FPL will be eligible for premium subsidies. People with incomes up to 250% of the FPL will be eligible for cost-sharing reductions.
Expansion/Children’s Medicaid
The FPL is used to determine eligibility for Medicaid expansion and Children’s Medicaid. For 2024, people with incomes up to 138% of the FPL will be eligible for Medicaid expansion. Children with incomes up to 250% of the FPL will be eligible for Children’s Medicaid.
CHIP
The FPL is used to determine eligibility for the Children’s Health Insurance Program (CHIP). For 2024, children with incomes up to 250% of the FPL will be eligible for CHIP.
NSLP
The FPL is used to determine eligibility for the National School Lunch Program (NSLP). For 2024, children with incomes up to 130% of the FPL will be eligible for free lunches. Children with incomes between 130% and 185% of the FPL will be eligible for reduced-price lunches.
FAFSA
The FPL is used to determine eligibility for the Free Application for Federal Student Aid (FAFSA). For 2024, students with incomes up to 475% of the FPL will be eligible for federal student aid.
How to Find Out if You’re Eligible
If you are unsure whether you are eligible for any of these programs, you can contact the relevant government agency or speak to a licensed agent who can help you determine your eligibility and enroll in the programs for which you qualify.
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