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re: I am stunned that 87% of Obamacare enrollees are getting subsidies
Posted on 7/17/14 at 4:14 pm to HailHailtoMichigan!
Posted on 7/17/14 at 4:14 pm to HailHailtoMichigan!
quote:
I thought the tax credits were separate support systems?
Americans who bought plans on the Obamacare exchanges are entitled to premium assistance tax credits on a sliding scale, if they earn up to 400 percent of the federal poverty level. For 2014, the income limit tops out at $45,960 for an individual, and $94,200 for a family of four.
In a report published in Health Affairs, researchers at UC Berkeley and UCLA calculated that in California, three out of four subsidy recipients will likely see their income change more than 10 percent year-over-year, and that will result in about a third having to make repayments. According to the researchers, for about one in 10, it could amount to a full repayment because their higher incomes will put them above the 400 percent poverty level.
How much you'll have to repay depends on your income. For those earning below the 400 percent of poverty limit, maximum repayment requirements range from $300 to $1,250. Those with income gains that put over the 400 percent limit will have to repay the full amount of the tax credit.
And those figures represent those that were accurate with their Obamacare signups.
Obama subsidies could hurt at tax time
Posted on 7/17/14 at 4:24 pm to TigerintheNO
The National Average Wage Index for 2012 had the national average wage at $44,321.67. The median income for 2013 was $51k. What this boils down to is the ACA, BY DEFAULT, pays subsidies to at least half of wage earners. Now subtract from that the amount of citizens that were able to stay on their employer's insurance and it only makes sense that a high percentage get subsidies (although the number is much higher than I would have thought).
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