How the increase in Obamacare benefit me?
How does the increase in the Obamacare tax credit benefit me? After the special Obamacare enrollment period was extended until August 15, the tax credit for insurance plans was also increased in order to benefit more people with government subsidies.
Thanks to the increase made by widening the poverty rate, more people are eligible for government loans, and others who already had grants can increase their benefits.
A real example of the above statement is the following testimony: A family of three, whose annual income was $ 30,000, enrolled in a health insurance plan under Obamacare during the open enrollment period last November. Said family obtained a Silver Plan, with zero deductible, paying a monthly premium of 157 dollars.
Last January, this father of the family was extremely lucky that his employer increased his salary. Faced with the prospect of earning $ 40,000 a year, he contacted his insurance agent to obtain a new quote. Our agent when quoting him with the same company and the same plan informed him that the premium would increase up to $ 380 per month. So the father of the family avoided updating the increase in his income.
However, with the increase in the tax credit, this same family man, who now earns $ 40,000 a year, keeping his Silver Plan and with zero deductible, has managed to have a monthly premium of $ 139. That is, even though he earns more, he now pays $ 18 less than his previous premium and gets the same benefits.
But beware, these benefits are not automatic, no insurer is going to lower your premiums without your intervention. If you want to improve your contract, you must call Univista and request a new quote.
On the other hand, if you were not eligible for government subsidies based on your salary in November or last January, check with your insurer. You, too, may now benefit from the extended tax credit. How does the increase in the Obamacare tax credit benefit me?
Don’t waste time, improve your health insurance, remember that the new enrollment period ends on August 15th.