This is your periodic reminder that the coronavirus rescue bill passed last month is a boon for middle-class families that buy health insurance on the private market.
In the past, a family that made, say, $100,000 per year got no subsidy from Obamacare. For a family of three or four, that meant premiums of $15-20,000 per year.
But the coronavirus bill limits premiums to 8.5% of income. That means you pay $8,500 instead, a savings of $10,000 or so.
For an older family it's even better. If you're in your 50s, premiums for two people can reach upwards of $20-30,000. Cutting that to $8,500 represents a savings of $15,000 or more.
Not bad.
Now it just needs to be made permanent. I currently have employer insurance, and I'm kind of stuck with remaining employed full-time for the foreseeable future due to health care issues (I'm 54).
But if those subsidies become permanent, then in the next 4-5 years I can seriously start considering backing off to a lesser work schedule, and buy affordable insurance.
I'd prefer socialized medicine (well French system actually, it has room for private practice) but this should have been the case from the start. That it wasn't is a searing indictment of Max Baucus and Lie-berman.
Low end of the income scale gets significant savings as well. My healthcare.gov policy went down about $120 a month. I had to go in to the portal to "activate" the savings provided by ARP, but it was easy. It would be better if the savings were applied to existing policies automatically. I don't believe they are and wonder if lots of lower income folks won't know to take advantage of the offer.
Yes, but will they remember when it comes time to vote?