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Subsidy gap
Tweet Topic Started: Jul 31 2013, 07:13 AM (12 Views)
IUCOLTFAN Jul 31 2013, 07:13 AM Post #1
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Under the ACA, federal subsidies in the form of tax credits to buy insurance on new state health insurance exchanges will be available to millions of people who can start enrolling on those exchanges Oct. 1. The subsidies are available to people or families whose incomes total 400 percent above the federal poverty level or less, and are designed to cap their insurance premiums at 9.5 percent of their total income.

Doing the math

For a single person, that FPL income maximum is $45,960 per year. The maximums are adjusted upward for couples and families until maxing out at $94,200 for a family of four.

(Read more: Doctors skeptical, confused about Obamacare)

Under a scenario that ValuePenguin.com identified, a couple in Ohio, both age 50, would be eligible for subsidies worth $3,452 to purchase a so-called silver insurance plan—a moderately priced level of benefits under the ACA's scheme—that costs $9,346 annually if they made up to $62,040 per year.

But if they made just $1 more than that, they would lose the subsidy. Wu noted that the couple then would have to earn at least $65,492 to make up for the lost subsidy.

Maximum income levels for Obamacare insurance subsidies, and premium maximums
Household Size 400% FPL Premium Cap
1 (Single) $45,960 $4,366
2 (Couple) $62,040 $5,893
3 $78,120 $7,421
4 $94,200 $8,949
Source: ValuePenguin.com
In New York, a family of three whose annual income totals $78,120, would pay $12,784 for the second-lower-priced silver plan on that state's insurance exchange. After getting a $5,363 tax credit, the family's net cost for the insurance would be $7,421.

But if the family earned even slightly more than $78,120, they would have to pay the entire $12,784 for the insurance because they then wouldn't qualify for the subsidy.

To make up for that, the family's annual income would have to reach $83,483, Wu said.

http://www.cnbc.com/id/100921864


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