Tuesday, March 23, 2010

What If I Can’t Afford Insurance?

Is there a provision for those who cannot reasonably acquire the mandatory health insurance?

As noted previously , the health care overhaul will require most individuals to buy health insurance beginning in 2014. The reconciliation bill in the Senate also includes help for those who may have trouble affording insurance. The bill creates a system of tax credits available to households that are between 100 and 400 percent of the federal poverty level. (Currently, that’s between $22,050 and $88,200 for a family of four.)
The credits are based on a sliding scale based on income. For example, households with incomes between 133 and 150 percent of the federal poverty level (or between $29,326 and $33,075) would pay between 3 and 4 percent of their income for health insurance premiums (or between $879 and $1,323) each year.
– Ryan Teague Beckwith, Congress.org

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