If you’re planning to buy health insurance once Obamacare goes into effect, you’re probably curious about the amount of subsidies you’re eligible to receive. Subsidies are available in the form of federal tax credits and based on household incomes. The Kaiser Family Foundation (KFF) predicts that about 48 percent of adults will qualify.
The amount you’ll receive depends on a sliding scale for those with incomes of up to 400 percent of the poverty level. Individuals who earn $46,000 or more annually will not be eligible for any tax credits. The same applies to families earning over $94,000 per year (for a family of four).
According to a recent report by the Kaiser Family Foundation, the average Obamacare subsidy should cover roughly 67 percent of a family plan, bringing the average yearly cost of the plan to $8,250 for a family of four. The estimated annual premium for a 40-year-old individual is predicted to average $3,857 per year. The KFF figures are based on the silver plan, which is the second-lowest cost plan available.
Depending on your age and location, you may receive more or less the predicted amount. To find out how much health insurance through the Affordable Care Act will cost you and your family, check out the KFF subsidy calculator.
