In just a couple months, if you have health insurance, expect the price to go up. When the Affordable Care Act starts on January, 1st, you will likely see big changes to your premiums.
Let's start with single people. If you pay about $111 per month right now, in January, you can expect to pay $263 per month.
For a family of four, if your family income is $125,000, you probably pay somewhere in the range of $647 per month right now. In January, your rate will go up to $1,007.
Let's say your family of four makes $50,000 annually. Your premiums will go down drastically. Thanks to subsidies, you'll have to pay $280 per month.
If your family of four makes $25,000 annually, in many cases, your insurance could be free.
Here's what the Affordable Care Act takes into account: the number of children you have, and your income. If your family of four, for example, makes less than $94,000 per year, you'll start to be eligible for sliding scale subsidies, meaning the less you make, the more you get in discounts. So the more your family makes, the more you'll have to pay in premiums.
We learned all that information Tuesday as health insurance stores opened across the country, including one in Greensboro for Blue Cross and Blue Shield.
Two women there getting a head start were Thelma and Victoria Hessling. Thelma is helping her daughter find affordable insurance since she's not covered right now. "With the Social Security income, for the two of us, it just wasn't enough," said Thelma. "And I want her to be able to get at least a yearly physical and mammogram."
"If Mr. Obama can help us, then I would be happy, very, very happy," added Victoria.
Under the Affordable Care Act, if your employer offers you insurance, you are not eligible for subsidies from the Federal Government. You can get coverage just without the discounts.
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