Posted in: Politics

Obamacare Subsidies Calculator Shows Affordable Care Act’s Impact On Middle Class

Obamacare Subsidies Calculator Shows Affordable Care Act's Impact On Middle Class

The Obamacare subsidy tax calculator can give you a preview of what the Affordable Care Act will cost your family in extra taxes.

As previously reported by The Inquisitr, Obamacare starts in 2014, but 54 percent of Americans oppose the implementation of the Affordable Care Act passed several years ago in 2010.

Even before Obamacare starts some doctors are stopping insurance coverage. One doctor claims this allows them to eliminate the insurance paperwork and improve both patient care and the bottom line.

Obamacare starts when in 2014 private health insurance becomes a requirement for all employed United States citizens. But in actuality a huge chunk of Obamacare has already been implemented in the form of taxes and organizational changes within the IRS, which will oversee Obamacare.

The Obamacare subsidies are likely to catch many families by surprise. If citizens who fill out the Affordable Care Act subsidies packet to reduce the cost of healthcare next year do not do so accurately, they could wind up owing Obamacare taxes.

But an Obamacare subsides tax calculator shows how much the middle class will be effected. Beginning in October 2013, middle class people under age 65 can apply for tax credit subsidies available through state-based exchanges.

As a writer/contractor I do not receive health insurance through my employer, nor can we afford health insurance any more, so I thought I’d check out how Obamacare will affect my family. Under the Affordable Care Act I would be expected to pay $2,967 for a Silver Plan in the state run exchange, which is about $250 in extra bills per month. As a comparison, in the past I used to pay $191.95 per month, which also included life insurance. But keep in mind these Obamacare subsidies are estimates that may go up or down in 2014.

One website was nice enough to plug in various income levels to found out what the Obamacare subsidies will cost the middle class in taxes:

$30,000 in income: Medicaid: cost ZIP

$38,000 in income: $16,032 tax credit,…Cost of health premium $1,734

$44,000 in income: $15,240 tax credit…..Cost of health premium $2,526

$88,000 in in come: $9,406 tax credit….Cost of health premium $8,360

$90,000 in income : $9,216 tax credit…Cost of health premium $8,550

$93,000in income: $8,931 tax credit…. Cost of health premium: $8,835

$94,000 in income: ZERO tax credit…. Cost of health premium: $17,766

Do you think the Obamacare subsidies are fair, or do you consider this a redistribution of wealth?

Articles And Offers From The Web

Comments

14 Responses to “Obamacare Subsidies Calculator Shows Affordable Care Act’s Impact On Middle Class”

  1. Rachel Haislip

    up to I saw the check which had said $4407, I have faith …that…my best friend woz actualie receiving money in their spare time from their computer.. there sisters roommate has been doing this 4 only about a year and at present took care of the dept on their condo and bourt a great Lotus Elan. we looked here… http://www.Jam40.cℴm

  2. Rod Cannon

    Wow, biased much? The reason your insurance premium might be a little higher is because the ACA requires insurance companies to provide a baseline level of care. That $191 you paid probably covered almost nothing, just like my $150-$250/month did for years. That $250 Silver plan should cover so much more than the bottom of the barrel policy you had. Oh, and how much did your premiums rise after the first year or two? If it's anything like almost every other insurance policy I've ever seen, you saw some crazy increases in rate with no corresponding rise in benefits. The ACA forbids that. And shoot, you can go ahead and get your own insurance policy if that's what you want. My current insurance costs for a family of three is around $900 a month, and that's with my employer subsidizing half of mine. I pay more in insurance than I do for my mortgage!

    While not a perfect system, it's certainly a step towards something hopefully good. Where before we subsidized everyone's poor health via our taxes, we are now going to pay less per person by getting care BEFORE it gets outrageously expensive. Think about that: it costs less to completely cover the insurance policy and have people go to the hospital when they need it rather than to have people with no insurance at all and only go when the treatment is super expensive.

    People without insurance, right now, don't get preventative care. They go to the emergency room when blood starts running from their butt, most likely when it's far more expensive to treat and recover from disease. The thinking behind the ACA is that people will go get care when it's less expensive, using less expensive medicines and treatments, no hospital stays, less chemo/radiation, etc.

    Nixon started the for-profit medical industry and it's gone completely bat-shot crazy. What do you suggest as a solution to the highest medical costs in the world that cause 60% of the bankruptcies in the USA?