If you do not have Obamacare you may be missing out on an average of $3264 per a year in government hand out money.
For the 2015 enrollment about 11,700,000 people living in America chose a plan through the Obamacare website. In 2014 about 6,300,000 shoppers enrolled in health insurance coverage and paid their premiums. Thanks to Obamacare 8,700,000 shoppers receive an advanced premium tax credit (APTC) to make their premiums affordable. The average APTC for the financial assistance was $272 per month, or $3264 per a year.
Correct. The average applicant received $3264 per a year! Some families received as high as $15,000! Contact Us for Obamacare Assistance.
HHS Secretary S. Burwell commented on the ACA. “…millions of Americans now rely on the health and financial security that comes from affordable coverage through the Marketplaces. We’ve seen a historic reduction in the uninsured and consumers are finding the coverage they need at a price they can afford.”
In 2015, 85 percent or about 8,700,000 consumers are receiving an advanced premium tax credit to make their premiums more affordable. In addition to the 8,700,000 shoppers getting subsidies, 57% or 5,900,000 applicants received cost-sharing reductions to decrease out-of-pocket costs for deductibles, co-insurance, copayments, etc. The cost-sharing assistance is generally household income levels between 100% and 250% of the federal poverty level (about $12,000 per an individual), the shopper is otherwise eligible for APTC, and the individual chooses a health plan from the silver plan category. For example a $2,500 deductible may turn into a $500 deductible due to cost-sharing reductions, a $2,000 savings to add to the $3,264 APTC. This would equate to $5,264 of government money received by the applicant.
The top ten states with the highest percentage of Obamacare applicants who receive financial assistance are:
- Mississippi 94.5%
- Florida 93.5%
- North Carolina 93.2%
- Wyoming 92.9%
- Louisiana 92.0%
- Arkansas 91.1%
- Georgia 91.1%
- Alabama 90.7%
- Wisconsin 90.7%
- Alaska 90.5%
The states with the lowest rate of Obamacare applicants receiving money include:
- District of Columbia 10.0%
- Minnesota 49.5%
- Colorado 55.3%
- Hawaii 59.3%
- Vermont 64.3%
- New Hampshire 65.8%
- Massachusetts 66.7%
- Utah 67.3%
- Maryland 68.2%
- Kentucky 69.3%
It is important to know that 90% of the ten states with the highest rate of financial assistance have not taken the Medicaid expansion option under the Affordable Care Act. All states, excluding Arkansas, allow for maximum federal subsidy for Obamacare applicants with income levels from 100% to 133% of the federal poverty level. Essentially, these state residents with the lower income are not forced on to Medicaid. For large states like Florida, Georgia, North Carolina and Alabama, this is a huge benefit for the 100% to 133% poverty level.
For states with the lowest rate of Obamacare applicants, it is often due to expansion of Medicaid. So for example the state of Kentucky has expanded Medicaid and in the process has move a huge portion of the state into Medicaid. Places like DC are very wealthy and most residents are not part of the Obamacare system and have to rely on private health insurance.