Qiuestion: My husband and I are 60 and 58 years of age our income is $45,000 a year. When will we know how much will we have to pay for Obamacare per month?
Answer: I can tell you right now that your monthly premium will be no more than $356 for a silver level plan. I can tell you that because individuals and families whose income is less than 400% of the federal poverty level (yours is 300% 0f FPL) are protected by premium limits on the amount they will pay. Regardless of the final rates we’ll see in June, you will pay no more that $356 per month and your premium subsidy will make up the difference.
On top of having a limit on your premium, you will also have a lower out of pocket limit. That is, the level an individual or family must pay before their insurance plan begins to cover all medical expenses. The baseline out-of-pocket limit on each exchange is equal to the out-of-pocket limit for Health Savings Accounts (currently $5,950 for individuals and %11,900 for families) and is lowered from that ceiling level according to where an income level falls in the range.