Many families earning over $110,000 per year feel financially stable and often overlook the subsidies offered by the Affordable Care Act (ACA), commonly known as Obamacare. Some believe these benefits are only for low-income households. However, this perception is incorrect, as even higher-income families can qualify for federal subsidies.
Who Qualifies for Obamacare Subsidies?
To qualify for subsidies, household income must fall between 100% and 400% of the Federal Poverty Level (FPL). For example:
- A family of four earning between $31,200 and $124,800 annually qualifies for subsidies.
Practical Example: A family of four earning $110,000 annually falls within 352% of the FPL, making them eligible for subsidies. Depending on their location, they could pay premiums as low as $0 to $300 per month for a Bronze Plan.
What Does a Bronze Plan Cover Under Obamacare?
A Bronze Plan is not only affordable but also includes comprehensive coverage for essential medical needs, such as:
- Outpatient Services: Doctor visits, specialists, and follow-ups.
- Hospitalization: Coverage for emergencies or surgeries requiring hospital stays.
- Maternity and Newborn Care: Prenatal, delivery, and postnatal care.
- Preventive Screenings:
- For Women: Breast, cervical, and reproductive health exams.
- For Men: Colon and prostate screenings.
- Mental Health Services: Diagnosis and treatment for mental health conditions.
- Laboratory Services: Blood tests, biopsies, and other diagnostics.
- Rehabilitation Services: Physical, occupational, or speech therapy.
These benefits enable families to access an affordable plan covering all essential medical needs.
What If My Income Exceeds 400% of the FPL?
Even families earning over 400% of the FPL can benefit from Obamacare thanks to these adjustments:
- 8.5% Cap on Annual Premiums:
Your insurance premium will not exceed 8.5% of your annual income, ensuring affordability.
For example, a family earning $200,000 annually would pay a maximum of $17,000 annually ($1,416 per month) for premiums. - Maximum Out-of-Pocket Limits:
Protects against catastrophic medical expenses by capping the amount you pay out of pocket.
This includes deductibles, copays, and coinsurance, ensuring you’ll never face financially devastating medical costs.
Obamacare Is for You, Too
Don’t exclude yourself from Obamacare because of a high salary. Even if you’re satisfied with your income, the program offers benefits tailored to your needs, such as reduced premiums, subsidies, comprehensive coverage, and protection against catastrophic expenses.
Consult Univista Insurance to explore how you can benefit from an Obamacare health plan. Remember, health should always be a priority!
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