Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

How much is the subsidy for the healthcare plan?

If me and my husband make 75 K a year from our own business and the government is forcing us to buy health insurance, how much am I going to have to pay from my own pocket and how much will the government help me? Is there a percentage?

Answer Question
 
Anonymous

Asked by Anonymous at 12:09 PM on Mar. 23, 2010 in Politics & Current Events

Answers (5)
  • You won't get a subsidies unless the poverty level is risen. I believe that subsidies will begin at 3 times poverty (currently around 20K) and move down the scale - more subsidies as you earn less. It is likely that this threshold will go very low before benefits will begin in 4 years.


    I would suggest googling this, you won't get accurate answers here. Mine my also be wrong, but this is the last I heard.

    Anonymous

    Answer by Anonymous at 12:13 PM on Mar. 23, 2010

  • OK I don't know where anon got their numbers, but it is a sliding scale and it depends on the size of your household. Subsides go up to around $88k/yr range (again depending on household size,etc). Under that 20k limit (or more depending on hhs) you get medicaid and pay nothing. Above that 20kish limit, you get a tax refund to reimburse you for part of what you pay out for insurance every month. There is a calculator someone posted yesterday in here - it's from the Washington Post but I can't flip over to the link right now - go find that link and you can work out approx how much you'll end up paying out of pocket after you account for the refund you'll get in your taxes.
    NotPanicking

    Answer by NotPanicking at 12:17 PM on Mar. 23, 2010

  • Here is one from Kaiser.


    Here is one from Washington Post.


    Or you can google health care reform cost calculator and search results.


    Hope that helps.

    QuinnMae

    Answer by QuinnMae at 12:31 PM on Mar. 23, 2010

  • Thanks Quinn I'm on the kid's comp doing an update, too many tabs crashes this antqiue
    NotPanicking

    Answer by NotPanicking at 12:42 PM on Mar. 23, 2010

  • OP here. It says that: Beginning in 2014, you will receive tax credits to help afford insurance premiums in the new exchanges as well as assistance with deductibles and co-payments. According to your income and family size, the tax credits will ensure you do not spend more than $7125 on premiums. Your maximum out-of-pocket costs for deductibles and co-payments would be capped at 30% of the total cost. You are required to have health insurance. If you don't, you will pay a tax penalty of the greater of $695 per year up to a maximum of three times that amount ($2,085) per family or 2.5 percent of household income."

    So how much is the penalty? I don't understand? 695 or 2085 or 1875(2.5% of 75K)?
    Anonymous

    Answer by Anonymous at 1:58 PM on Mar. 23, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.