Important change to Obamacare in the Covid-19 Stimulus Bill
The new Covid-19 Relief bill will eliminate income caps to qualify for a tax subsidy on the Marketplace (Exchange). This means premiums for ACA compliant plans for many people will drop significantly.
The Wall Street Journal points out that currently the ACA only allows for tax subsidies for people earning under 400% of the federal poverty level, or as follows:
Premiums for ACA compliant plans will drop significantly under the new legislation.
Under the new bill, and as the WSJ points out, a 60-year-old with a $55,000 income, premiums would drop by around 50% to 80% depending on the plan, and the legislation would also limit the amount households pay to only 8.5% of their income on healthcare, making healthcare much more affordable for lower-income consumers.
Read the full Wall Street Journal article here.