The Affordable Care Act continues to demonstrate that there is nothing “affordable” or “caring” in the signature health care law of Barack Obama. Once Obamacare goes into effect next year, middle-aged, middle-class couples with three children could see a $9,355 hike in their annual health insurance premiums if they get a pay raise of just $1 in their annual income.
Terence P. Jeffrey expounds upon this at CNS:
Under ACA, all Americans are required to secure health insurance. Those who do not get it through their employer can buy it through government-run health-insurance exchanges, which the law requires to be set up in every state. People buying their Obamacare-mandated health coverage through these exchanges will be eligible for federal subsidies in the form of a refundable tax credit—as long as their adjusted gross household income is between 100 percent and 400 percent of the Federal Poverty Level (FPL).
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.
As explained by both the IRS—which wrote the regulation governing the Obamacare subsidy–and the Congressional Research Service, which published a July 31 report on the matter (Health Insurance Premium Credits in the Patient Protection and Affordable Care Act), the Obamacare insurance-premium subsidy essentially works as a cap on the percentage of annual income an eligible person is required to pay in health-insurance premiums.
Read the rest at Freedom Outpost