The health insurance premium rates have been rising at alarming rates over the past decade due to the rising cost of health care in the U.S. In fact premium rates are rising faster than income which is part of the cause of Americans less access to Affordable Health Insurance. “Traditionally states counted mandate laws to include required categories o...
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...surance-related provisions, 6 in 10 Americans can get covered for $100 or less on the Health Insurance Marketplace, with the average plan costing just $82 after Premium Tax Credits in 2014. Obamacare’s Premium Tax Credits can be paid to your insurer in advance to lower your monthly premium on a Marketplace plan or adjusted on your tax returns. Tax Credits are based on income and available to folks making between 100% and 400% of the Federal Poverty Level FPL (between $11,770 to $47,080 for an individual and between $24,250-$97,000 for a family of 4 in 2016) (Obamacare facts 1).” A tax credit can be paid in advanced to your insurer through the Marketplace. This is called an Advanced Premium Tax Credit. The amount paid to the insurer is the difference between your premium cap and the cost of the plan. You’ll see that number reflected when you compare marketplace plans.
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