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Have one question for whomever knows the answer.
If a person as an individual makes 30,000 a year, by what I have read he would qualify for the bronze progam and also for the subsidy. Golfinsailor you have stated that it would not be more than 8%of the gross. would that figure include the subsidy. I sort of made the math and that person if it doesn't include the subsidy, would still have to pay 200/month? and if so, how much is the subsidy that would be provided?
(If my math is not correct. please do so. I am not good at math)
Posted by rker321
Your math is correct. A single adult with an AGI of $30,000 per year would be eligile for a premium subsidy. Their premium payment for a basic level "bronze" plan would not exceed 8% of their AGI or about $200 per month. How the subsidy is to be administered is unknown to me at this time. But from what I have read on the matter, it will be based on their annual income from their latest tax returns and quarterly filings.
From what I understand the subsidy is paid to the insurance company directly and is not given to the individual. Therefore is the individual loses the subsidy (it would have to be redetermined regularly, either annually or semi annually), they would receive a bill from the insurance company for the full premium. But I am sure that the person would receive a notice first if they are losing the subsidy.
This would work very similar to how Medicaid eligibility is determined and redetermined. In most instances, people usually comply with no problems and there are very little errors in Medicaid redeterminations. I would expect some bugs when this first rolls out next january, but by mid year the premium subsidies should be running smoothly.