plan obama care

question. can you explain how subsidies work?it's complicated. if you meet residency requirements for subsidies, then your total household incomehas to be between 100% and 400% of the federal poverty level, or f.p.l., in order to qualifyfor a premium tax credit, or subsidy, to limit what you pay for your health insurance. thesesubsidies are set on a sliding scale, so that what you spend each month is limited to adefined percentage of your income, to the second least expensive silver level plan availablein your area. confused? here's an example based this year'sf.p.l. guidelines. if you wanted to buy the second least expensive silver plan availablein your area and your monthly income is 133% of f.p.l., you would be earning about $1,273per month in 2013. at that income level, you

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would have to spend no more than 3% of yourincome, about $38 per month, to buy that second least expensive silver plan. the governmentsubsidy pays the rest of your monthly premium. as your income increases, so does your shareof the cost for the monthly premium. so, if your income rises to 400% of f.p.l., about$3,832 per month in 2013, you could spend no more than 9.5% of your monthly income,about $364 dollars, for that same plan, the second least expensive silver plan. so, if the second least expensive silver planavailable in your area costs $300 a month and you earn 400% of f.p.l., there is no subsidyfor you. but, if the second least expensive silver plan in your area costs $500 a month,the government would pay the difference between

the $500 plan and your $364 cap. in that scenario,you would pay $364 per month for your health insurance plan and the value of your subsidywould be $136, $500 minus your $364 cap. now, if there also happens a bronze plan availablefor $400 dollars a month, you can enroll in that plan and get the same $136 subsidy. inthat case, your plan would cost you $264 per month. or, if you wanted a gold plan thatcosts $600 per month you would, once again, apply your $136 per month subsidy and pay$464 per month for your insurance policy and if you have questions, you can always giveus a call.