Reply
Thu 18 Apr, 2013 08:26 am
I am 56, retired, income 30k, single. I currently get a 230 dollar a month subsidy for my health insurance. I retired from State government. My question is: when Obama care goes into effect would I be able to get any benefits toward health care? Is so how much? Is it dependent on the cost of the insurance? (two different plans HDHP at $380 a month to a "regular" plan approx $600 a month)
If I get a tax credit/subsidy should I switch from the HDHP to the "regular"?
@lawnrangerco,
The premium tax credit granted to those who enroll in the Marketplace is based off of income and where you fall in the Federal Poverty Level. You can get this tax credit as long as you do not make more than $45, 960 (this is 2013's number, allow for inflation adjustment in 2014). The amount is based off the premium for a silver level plan for you (70-30 coinsurance) and may be applied to your premium every month. You may choose to use the whole amount or part each month if you think your income may increase. The credits will be balanced out on your tax return.
Stumble It!
Tweet This
Bookmark on Delicious
Share on Facebook
Share on MySpace