Obamacare will institute subsidies to help low-income families pay for health insurance in 2014. This will impact millions of Americans who don't have insurance due to lack of affordability. How many Americans will qualify for the subsidies?
Income is a great factor in deciding who is qualified for subsidies. Anyone earning up to 400% of the poverty line will be eligible. For example, and individual making an annual income up to 45,960 and a family of four making an annual income up to 94,200 will be eligible for the subsidy. The health care subsidy encompass a broad range of income levels providing assistance not only to low-income families but middle class families as well. Of course those persons whose income level are higher than the eligibility requirements will have to pay the total cost of health insurance.
The process of applying for subsidies involves enrollees applying for a subsidy in advance by estimating their income. Based on the estimated income the subsidies would be applied to whatever insurance carrier they choose. If a person overestimated their annual income they would be a repayment of funds if underestimated the person would be eligible for a refund on their tax return.
Those individuals and families purchasing health insurance on state-based exchanges will consist of individuals that were not able to purchase insurance before due to high cost. Obamacare will impact a great deal of people now able to receive decent healthcare for the first time.