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The eligibility criteria for the premium tax credit is determined by section 1401 of the Affordable Care Act (Obamacare). The Act was signed into law on March 23, 2010, and specified that the credits are only available to individuals and families who have enrolled in a health plan offered on a healthcare exchange.
However, the Inflation Reduction Act extended premium subsidies and eliminated the “subsidy cliff,” which capped financial help at 400% of federal poverty level ($120,000 for a family of four ...
People can purchase health insurance that complies with the Patient Protection and Affordable Care Act (ACA, known colloquially as "Obamacare") at ACA health exchanges, where they can choose from a range of government-regulated and standardized health care plans offered by the insurers participating in the exchange.
Premiums are going up again on the federal Affordable Care Act exchange, but generous subsidies will shield most consumers seeking coverage from the increased cost. Obamacare premiums rise for ...
So-called enhanced Affordable Care Act (ACA) subsidies, which lower the cost of health plans for millions of Americans and were passed under the Biden administration, will expire unless lawmakers ...
The Inflation Reduction Act extended the American Rescue Plan's modifications to the Affordable Care Act's health insurance subsidies, namely the Advanced Payment for Premium Tax Credit, through 2025.
As initially passed, the ACA was designed to provide universal health care in the U.S.: those with employer-sponsored health insurance would keep their plans, those with middle-income and lacking employer-sponsored health insurance could purchase subsidized insurance via newly established health insurance marketplaces, and those with low-income would be covered by the expansion of Medicaid.
The subsidies, which significantly lower the cost of monthly premiums, are offered to individuals or families who would otherwise pay more than 8% of their annual income on Obamacare coverage.