middle-class couple with three children could be hit with a $9,355 hike in their annual health-insurance premiums if their annual household income happens to increase by just $1.CNS News
Ouch!
If you like the plan you have you can keep it but be prepared to pay a significantly higher premium when you lose the subsidies.
People whose household income is too small to qualify for the subsidy will be put on Medicaid. People whose household income exceeds 400 percent of the FPL will get no subsidy at all.
According to the IRS, which responded to a CNSNews.com inquiry on the issue, a household earning an annual income that is just $1 more than 400 percent of the FPL is ineligible for an Obamacare subsidy, period.
My question is, if you are earning 4x the FPL it would appear those subsidies are quite, uh, rich. Since when is 400% of the FPL considered poor and 401% is rich?
For households with income between 100 percent and 133 percent of the poverty level, for example, insurance premiums are capped at 2 percent of household income. From there, the cap gradually rises until it tops out at 9.5 percent of income for households making between 300 percent and 400 percent of the poverty level.
For households with incomes over 400 percent of FPL—even just $1 over, according to the IRS—there is no cap on the percentage of their income they can be made to pay for their Obamacare-mandated health-insurance premiums.
Bam! You go from a 9.5% cap to no cap.
Every day Obamacare is looking more like a turd.
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