Questions About Health Insurance Subsidies;
"How will premium subsidies be provided?
Premium tax credits would be refundable and advanceable. A refundable tax credit is one that is available to a person even if he or she has no tax liability. An advanceable tax credit allows a person to receive assistance at the time that they purchase insurance rather than paying their premium out of pocket and waiting to be reimbursed when filing their annual income tax return.
...The cost of the subsidies is a function of the number of people that are eligible for subsidies, and how generous the subsidies are."
http://kaiserfamilyfoundation.files.wordpress.com/2013/01/7962-02.pdf
Modified Adjusted Gross Income under the Affordable Care Act;
http://laborcenter.berkeley.edu/healthcare/MAGI_summary13.pdf
"you could enroll in a Bronze plan for about $6,264 per year... For most people, the Bronze plan represents the minimum level of coverage required under health reform. Although you would pay less in premiums by enrolling in a Bronze plan, you will face higher out-of-pocket costs than if you enrolled in a Silver plan."
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$40,000;
Household income: 170% of poverty level
Maximum % of income you have to pay
for the non-tobacco premium, if eligible for a subsidy:..........4.91%
Health Insurance premium in 2014 (for a silver plan, before tax credit): $8,543 per year
You could receive a government tax credit subsidy of up to: $6,578 per year
(which covers 77% of the overall premium)
Amount you pay for the premium:$1,965 per year
(which equals 4.91% of your household income and covers 23% of the overall premium)
"you could enroll in a Bronze plan for about $0 per year"
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$50,000;
You could receive a government tax credit subsidy of up to: $5,178 per year
Amount you pay for the premium: $3,365 per year
"you could enroll in a Bronze plan for about $1,086 per year"
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$45,000;
You could receive a government tax credit subsidy of up to: $5,893 per year
Amount you pay for the premium: $2,650 per year
"you could enroll in a Bronze plan for about $371 per year"
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$35,000;
You could receive a government tax credit subsidy of up to: $7,171 per year
Amount you pay for the premium: $1,373 per year
"you could enroll in a Bronze plan for about $0 per year (which is 0% of your household income). By enrolling in a Bronze plan, you would receive $6,264 in subsidies, which would cover the entire amount of your Bronze premium."
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$32,500;
Household income in 2014: 138% of poverty level
Health Insurance premium in 2014 (for a silver plan, before tax credit): $8,543 per year
You could receive a government tax credit subsidy of up to: $7,472 per year
Amount you pay for the premium: $1,071 per year
"...you could enroll in a Bronze plan for about $0 per year (which is 0% of your household income). By enrolling in a Bronze plan, you would receive $6,264 in subsidies, which would cover the entire amount of your Bronze premium."
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