Do I have to pay for Obamacare, or are there free plans? The enrollment period for health insurance under the Affordable Care Act (ACA), also known as Obamacare, will remain open until January 15, 2024. Last year, over 3.2 million Floridians enrolled in these plans.
One of the main appeals of Obamacare is that its plans are subsidized by the federal government, meaning many enrollees pay nothing for their monthly premiums. During this enrollment period, some wonder if getting subsidized health insurance without paying any premium is possible.
Firstly, it’s crucial to understand that almost everyone eligible for Obamacare insurance qualifies for some form of federal subsidy based on their income. In other words, those whose incomes range between 100% and 400% of the Federal Poverty Level (FPL) can benefit from tax credits. For instance, a single person earning between $14,580 (100% FPL) and $58,320 (400% FPL) qualifies. A childless couple must have incomes between $19,720 (100% FPL) and $78,880 (400% FPL), and so forth for families of varying sizes.
By law, the monetary contribution to the plan’s premium depends on income. In 2024, those earning between 100% and 199% of the FPL will pay no premium. However, those with incomes at 400% of the FPL or above must contribute 8.5% to the health insurance premium.
For instance, a family of four earning between $30,000 and $59,000 would pay zero dollars in premiums. Those earning between 200% and 250% of the FLP must pay 2% of their annual income as a health insurance premium.
In summary, whether you have to pay to get an Obamacare plan depends on your income. If you earn less than 200% of the FPL, you will likely not pay anything or only a minimal amount. It’s best for you to contact a Univista Insurance agent who, with detailed information about your income, family size, and the type of plan selected, will guide you on your monthly payment options. Do I have to pay for Obamacare, or are there free plans?