Nancy Pelosi once said that Congress had to pass the Patient Protection and Affordable Care Act so we can all find out what’s in it.
And now that the law’s health insurance exchanges have opened for enrollment as of yesterday, more information points out that certain young individuals will not qualify for subsidized health insurance plans the Obama Administration once promised.
The Obama Administration incessantly advertises that individuals and families who purchase health plans on the exchanges may qualify for subsidies that will offset the cost of their health insurance premiums. Qualifying individuals earn an annual household income between 100-400% of the Federal Poverty Level. To put this in perspective, the following policyholders may receive premium assistance tax-credits:
– Individuals earning up to $45,000
-Couples earning up to $60,000
-Families of four earning up to $94,000
It turns out, however, that in two-thirds of the states, subsidies do not extend beyond the 300% FPL for “young invincibles” between ages 18-34 years old. In fact, subsidies greatly diminish for an individual of this age group earning over $25,000 a year. Here in North Carolina, subsidies do not extend past 309% FPL ($35,504) for a 34-year old.
Find out whether you qualify for a subsidized plan here.
In a nutshell, this is another reason why ObamaCare causes chest pain. The only way these exchanges can remain financially afloat is IF the young invincibles sign up. Otherwise, the exchanges will be flooded with older, high-risk individuals paying higher premiums than otherwise promised.
You can also watch former president Bill Clinton’s statements on the issue here.