I think there is a loop hole in this new law that will affect us on RE and are able to pay of insurance now, even if our incomes fall within the subsidy rules.
It seems that you will only get the subsidy IF you do not have insurance when it is mandated that you must, and you fall within the income guidelines.
If you already have insurance, ie gov't deems you can afford it, no matter your income level, you will not be eligible.
So we might have to go naked for awhile prior to the mandate, ok not until 2014, in order to qualify.
Anyone else read this into the various summaries out there?
Here is the recap from USA Today. Note it is for the uninsured only, says nothing if you already have insurance.
The uninsured
The Congressional Budget Office projects that 32 million Americans will gain health insurance under the law, beginning in 2014.
The poorest adults — those below 133% of the federal poverty level, or about $29,327 for a family of four — will qualify for Medicaid, the federal-state program for the poor and people with disabilities. Children already qualify at that income level.
Currently, only seven states offer Medicaid to adults without children, says Ron Pollack of Families USA, a consumer advocacy group. The median income eligibility level for that group is 69% of poverty — less than $7,500 for a single person and about $15,200 for a family of four. Many states are significantly lower than that.
Lower-income people who don't qualify for Medicaid will get federal subsidies to help them buy coverage from new state insurance exchanges — organized marketplaces that encourage competition.
Those eligible for the subsidies could have income up to 400% of the poverty level, or $88,200 for a family of four. Those at 133% of poverty will get the most assistance, those at 400% the least, both for premium assistance and benefits.
The premiums will range from 2% to 9.5% of family income, and the poorest families will pay the least. Those families also will have the smallest co-payments — 6%, ranging up to 30% for the top of the income bracket, Pollack says.
"For a lot of people, this bill is going to give them the ability to purchase health insurance, where today they can't afford it," says Len Nichols, director of the Center for Health Policy Research and Ethics at George Mason University in Virginia. "Like
Forrest Gump said, 'That's one less thing.' "
Thoughts?