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ACA Obamacare Types and Cost -- Loan Insurance US

Saturday, June 14, 2014

1. What are the types of Obamacare?

Answer — There are four types, known as metal plans:

Bronze — Bronze is for you if you are in the low-income group. It pays up to 60% of your healthcare expenses. 

Silver — If you are in the low-income group but manage to pay bigger premiums than the bronze, this is for you to grab. It covers up to 70% of your medical cost.

Gold — If you are in the better income group, you pay higher premiums than silver and get 80% of your cost.

Platinum — If you are a still better earner, you pay the highest premium  and get 90% of your cost coverage.

2. How much does obamacare cost me?

Answer — That depends on –

i) Where you stand in poverty level. Here is how--

*If you make below  400% of federal poverty level, you pay lower premiums. Government provides you a subsidy known as advanced premium tax credit. 

*If you make below 250% of federal poverty level, you pay low premiums. You have cost-sharing subsidy from the government that helps you pay less.

* If you make below 138% of federal poverty level, the government subsidizes you both on premiums and cost sharing

ii) Where (in which state) you live.

iii) What age you are.

iv) What your family size is.

v) Whether you have smoking habit or not.

3. What if I am financially incapable of buying healthcare?

Answer — If your situation makes you incapable of buying healthcare, you receive very low premium or no-cost insurance.

4. How much do I pay for Obama healthcare?

Answer—In between 3.3% to 9.5% of your income.
5. Where do I get a subsidy calculator?
Answer— Use The Henry J. Kaiser Family Foundation tool – click here(select the brown words, right-click your mouse and click on ‘open hyperlink’ to reach the tool.)

7. How do I calculate my premium?

Answer—The above tool will instantly provide you with premium calculation (silver type based) as well. It will include—

i) Information about your poverty level   

ii) Information about the percentage of your income to be paid for premium

iii) Information about the tax credit subsidy you may receive

iv) Information about the premium you are to pay

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