The current version of the ACA (i.e. as subsequently amended) limits your premiums to 8.2% of your household AGI were you to sign up for the 2nd most costly Silver plan in your state.
So no, you're not paying $60k a year unless you have a shockingly high AGI.
You need to look into federal subsidies. You can get them either through the relevant (federal|state) marketplace or as refunds on your federal tax bill.
The subsidies reduced my wife & I (late 50's, New Mexico) premiums by more than 50%.
Not really. The subsidies are provided by the federal, not the state government. If your state isn't making it easy to access them, then just claim them on your federal tax return.
> You need to look into federal subsidies. You can get them either through the relevant (federal|state) marketplace or as refunds on your federal tax bill.
Wondering why I'm just now hearing of this -- can you recall any focused search terms, or web links?
They should automatically get applied on the healthcare.gov site or your states local version. They only apply to the silver level plans, which is why the GGP post talking only about bronze and gold plans quoted such high numbers. Those plans completely skip the subsidies.
That's why the websites ask you your income levels.
It also affects your max out of pocket expenses for the year (total limit of deductibles and copays before insurance has to cover it all)
They are computed from a given state's 2nd-most expensive silver plan, but they apply to all plans. I am on a gold plan and receive them; last year I was on bronze and received them.
The subsidies have no impact on deductibles or OOP - that is determined by the insurance plan itself.
I looked it up, and we are both correct. There is a premium subsidy based on the silver plan but that applies to any plan and a deductibles/OOP pocket subsidy that only applies to the silver plan. They have different qualification levels. It seems the deductibles level has a pretty low income cutoff, and the premium subsidy has changed a lot over COVID (to the point where the income limit was removed, at least temporarily).
The Republicans are generally opposed to these, and they are not permanent.
I would note that I am also opposed to them in principle - I do not like a system that allows insurance companies to continue to overcharge and under-provide by limiting what consumers actually pay (the rest being paid by the government). However, in 2023, this seems to be the best the USA can come up with.
So no, you're not paying $60k a year unless you have a shockingly high AGI.
You need to look into federal subsidies. You can get them either through the relevant (federal|state) marketplace or as refunds on your federal tax bill.
The subsidies reduced my wife & I (late 50's, New Mexico) premiums by more than 50%.