CapCat
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Be careful how much you make in 2014 if your looking for health insurance under Obamacare. The 'Obamacare Cliff' makes you ineligible for government subsidies if your income is greater than the 'Cliff' amount. Going over the Cliff means you will not get any government help in paying your insurance premiums under Obamacare.
The 'Cliff' occurs at the 400% Federal Poverty Level (FPL) income. This makes a person eligible (at 400%), or ineligible (above 400%), for a government insurance premium subsidy. Here's the subsidy amounts in 2012 dollars,
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If you're 46 yrs old with a family of 3, and make $76,360, the government will pay a $8,172 subsidy towards your health insurance premiums. If you make $76,361, the government pays $0! You just went over the Cliff!
If you want more details, see the Obamacare Cliff.
The 'Cliff' occurs at the 400% Federal Poverty Level (FPL) income. This makes a person eligible (at 400%), or ineligible (above 400%), for a government insurance premium subsidy. Here's the subsidy amounts in 2012 dollars,
Age 45-54 | ||||
Family Size | Income | Subsidy | Income | Subsidy |
1 | $44,680 | $1,440 | $44,681 | $0 |
2 | $60,520 | $9,672 | $60,521 | $0 |
3 | $76,360 | $8,172 | $76,361 | $0 |
4 | $92,200 | $6,660 | $92,201 | $0 |
5 | $108,040 | $5,160 | $108,041 | $0 |
If you're 46 yrs old with a family of 3, and make $76,360, the government will pay a $8,172 subsidy towards your health insurance premiums. If you make $76,361, the government pays $0! You just went over the Cliff!
If you want more details, see the Obamacare Cliff.