Health subsidies: How much do you qualify for?
Health subsidies: How much do you qualify for?
Starting next year, President Barack Obama's new health care law will offer subsidies to help people buy private health insurance on state-based exchanges, if they don't already get coverage through their employers. The premiums paid by taxpayers will be tied to their income, with the government subsidies making up any shortfall.
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Single adult
Age: 30
Income: $30,000
Annual cost of health insurance: $3,440
Government subsidy: $932
Annual premium paid by taxpayer: $2,509
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Family of four
Age of policyholder: 30
Family income: $30,000
Annual cost of health insurance: Eligible for Medicaid, the government-run health insurance program for the poor.
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Family of four
Age of policyholder: 40
Family income: $50,000
Annual cost of health insurance: $12,130
Government subsidy: $8,745
Annual premium paid by taxpayer: $3,385
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Family of four
Age of policyholder: 50
Family income: $75,000
Annual cost of health insurance: $16,858
Government subsidy: $9,733
Annual premium paid by taxpayer: $7,125
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Family of four
Age of policyholder: 60
Family income: $90,000
Annual cost of health insurance: $24,042
Government subsidy: $15,492
Annual premium paid by taxpayer: $8,550
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Note: Premiums are estimates of average premiums for 2016, by the Congressional Budget Office.
Source: The Henry J. Kaiser Family Foundation.
Online: http://healthreform.kff.org/subsidycalculator.aspx
