Millions of Americans won’t have to pay full price for their Obamacare health insurance next year. But just how much they’ll have to fork over depends on a couple different things.
Thanks to subsidies from the federal government, which will help pay for health insurance on state-based exchanges starting in 2014, many low- to moderate-income Americans will get a break on their premiums.
The Kaiser Family Foundation estimates that 48% of Americans who buy individual insurance today would be eligible for subsidies. They would receive an average of $5,548, which would cover 66% of the price.
“The subsidies are pretty large for the people who get them,” said Gary Claxton, vice president at the foundation, noting that a larger share of new enrollees in the individual market will be eligible for subsidies since they are likely to be lower income Americans who cannot not afford coverage now.
Here’s how you qualify: