3 ms·
Right now (till 2025 if Congress doesn't extend it) the premium is limited to 8.5% of income if you buy your insurance through the public ACA exchanges. You do
by fspeech 4y ago
Right now (till 2025 if Congress doesn't extend it) the premium is limited to 8.5% of income if you buy your insurance through the public ACA exchanges. You do have to reconcile the actual amount through the premium tax credit at tax season. The premium limit is for a silver plan so there will be out of pocket expenses if you actually need care.
- alphabettsy 4y agoPretty sure the credits have an income cap that would put most or all engineers out of eligibility, but the premium limit is still there. Decent calculator: https://www.kff.org/interactive/subsidy-calculator/ https://www.kff.org/interactive/subsidy-calculator/
- fspeech 4y agoCongress removed the cap during the pandemic and extended to 2025 recently in the inflation reduction bill https://www.kff.org/policy-watch/five-things-to-know-about-renewal-of-extra-affordable-care-act-subsidies-in-inflation-reduction-act/ https://www.kff.org/policy-watch/five-things-to-know-about-r... . Of course if premium (of Second lowest cost Silver plan (SLCSP) https://www.healthcare.gov/glossary/second-lowest-cost-silver-plan-slcsp/ https://www.healthcare.gov/glossary/second-lowest-cost-silve... , not the actual plan you buy) is below 8.5% of your income then there's no subsidy, which seems fair to me. So the subsidy depends on the cost (mainly your age) and your income. In the calculator you linked you can see what I mean by putting in an income of 100000 for an older couple and getting significant subsidy. Note one has to buy through the exchanges to qualify.