The Affordable Care Act encourages Americans to participate by offering subsidies for qualifying healthcare coverage to those who fall below certain income limits. In particular, Obamacare subsidies are available to those with incomes up to 400% of the federal poverty level, making the key figures for 2015:
$47,080 for single-person households,
$63,720 for couples, and
$16,640 in additional income for every extra person within the household.
If your income falls below 400% of the federal poverty level, then the most that you'll have to pay in out-of-pocket costs for your health insurance premiums is 9.5% of your income.
For those who are right at the line, that means that single-person households have a maximum premium of $4,473, while couples will pay no more than $6,053 and larger families will have premium maximums that are about $1,581 higher for every additional person.
It's difficult to quantify the exact amount of the subsidy that those who earn 400% or less of the federal poverty level get, because premium costs under Obamacare vary widely from state to state as well as by family size and level of coverage. Nevertheless, the impact of these and other subsidies under Obamacare can be huge.
According to the Department of Health and Human Services, nearly everyone who buys insurance on federal exchanges qualifies for subsidies, and the average premium reduction for those getting subsidies was 72%.
That figure includes other reductions in healthcare costs available to those who earn lower amounts of income, but even so, qualifying for the maximum premium limitation can cut thousands of dollars off your health insurance premiums in any given year.
Do not miss to have subsidies like millions of Americans are, call us at 813 964 7100 and get us help you to lower the cost of your premiums.
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