How much Obamacare will charge you greatly depends on your current condition. It is because the Patient Protection and Affordable Care Act give subsidies as with the case of low-income small businesses and families. On the other hand, the said act also imposes taxes to the higher earning families and businesses whenever they hesitate to sign up for health insurance and when industries are not providing health advantages to their workers.
How Costs Are Affected
Your cost of the Obamacare will be greatly affected by the category that you are going to choose. The health insurances will fall into any of the succeeding four categories. All these varied categories will provide several similar health advantages:
1. BRONZE - the first category, as suggested by its name, has the lowest premiums. It will only pay about 60 percent of your total healthcare cost. Choose this category if you are not expecting numerous health bills to come.
2. SILVER - in this category, 70 percent of the all the covered health charges will be paid for you. Premiums of this plan are greater than the preceding category.
3. GOLD - 80 percent of your total cost will be paid in this plan. This category has higher premiums compared to the Silver category.
4. PLATINUM - this plan will pay about 90 percent of the total cost that you have. This has the greatest premiums every month. This category is only advisable if you have a serious chronic medical condition.
Understanding Insurance Categories
The mentioned categories above will give you a clearer vision about the monthly premiums, co-pays, annual out-of-pocket maximums and deductibles. But the arrangement with the least premium may also have the greatest deductible, within only one category. So, be careful that you might be paying more of well being charges if you get ill than choosing an arrangement with greater premium but less deductible.
This implies that you need to estimate the total medical charges that can be obtained before choosing your desired health insurance plan in order to have the right and proper choices. Your age also will affect the cost of Obamacare for you. Older people will be charged with higher premiums by the health insurance industries but that amount will not be more than thrice the premium of younger persons.
Your home address is also a factor in determining how much Obamacare will cost you. The cost of living such as health care is normally higher in some cities than the others. Lastly, your income is the most important part in entering these plans. If your family can only earn 400 percent or fewer of the Federal Poverty Level (FPL), you can have a subsidy. In the year 2013, if you are self-supporting, the FPL was about $11,490. But if you still have other people to support, increase that by $4,020 (per person).
The healthcare program of the government is giving every person the chance to choose if he will avail a subsidy in a monthly or yearly manner (in the form of a tax shatter). It also gives you the opportunity to calculate the premium of your chosen plan with respect to your subsidy.