Pay ZERO for Health Insurance: Obamacare and who qualifies

TAMPA, Fla. - Dec. 17, 2014 - PRLog -- You may have heard about Obamacare or healthcare reform (insert chuckle), and part of this new law is offering subsidies, or help from the government, to pay for health insurance. Subsidies are available if you make less than 400% poverty, which comes out to around $40,000 annually for an individual and $90,000 for a family of four (note: these figures depend on where you live).

Keep in mind that if you won't be working full-time, you’ll need to get a part time job that makes at least $11,000 per year to qualify for subsidies. If you make less than $11,000 or claim no income, you won’t qualify for subsidies. Medicaid is available if you make under $11,000, but most likely it is best to get a part-time job.

A job making $11,000 might be the equivalent of more like $20,000 because of the cost savings on your health insurance premiums. Your income will determine whether or not a marketplace plan is definitely the best way to go for you, because subsidies are not available if you purchase insurance through your school or off the exchange.

You can't receive subsidies if you aren't bringing in income, so $11,000 can almost double in some cases by the savings you experience on health insurance. Keep in mind, this number will be different if you have dependents.

ANALYSIS OF INCOME LIMITS FOR SUBSIDIES
* Poverty levels: Income under $23,550 to be exact for a family of four (two adults, two children), $20,000 for a family of three, and $11,490 for an individual are considered poverty levels in the United States. The calculator spits out $0 subsidies, which is a glitch, implying such applicants pay $0 to next to nothing for annual health care premiums.

* Phaseout levels: Income of $94,200 or higher for a family of four, $78,000 for a family of three, $62,000 for a married couple with no kids, and $45,960 for single individuals will no longer receive government health care subsidies. The basic math is 4X the poverty level as determined by the government. Despite the phaseout, the good thing is that it looks like the max % of income one has to pay annually in premiums gets fixed at 9.5% of gross salary no matter what you make.

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