The number of uninsured people that will be affected by the enactment of Obamacare come 2013 is roughly about six million. Most of these uninsured individuals cannot qualify for regular health care plans due to very low income. Many have an income way below the federal poverty level. As of 2012, the set federal poverty line for a family of four is $23,050 per year.
The government mandates the purchase of health insurance by 2014, and failure to do so will cause the IRS to collect penalty taxes of no less than $1,200. Thus, with the passage of Obamacare, six million people will be forced to look for a health care plan that they can afford. However, since only very few of these people can afford to pay the annual premium, the government has come up with health premium subsidies or tax credits that will be available to those who will purchase health insurance from the state-based exchanges.
The subsidy will be given either by refund or cash advance. If it is refundable, the purchaser will be able to claim the subsidy from the government after the health premium payment has been made. The subsidy is also advanceable; it can be claimed prior to the purchase of a health insurance plan.
In order to qualify for a subsidy, the uninsured, if employed, should not have been offered quality, affordable employer-paid group insurance. The amount of the subsidy will entirely depend upon three factors: salary per year, number of dependents, and the percentage of the salary below the federal poverty line. The government can subsidize up to 50 percent of the health insurance premium for the entire year if the individual earns $23,050 annually or less and that is for a family of four. These new rules will surely help the uninsured of this country.