By: Berkeley Brean
It's a discount that could save you hundreds when it comes to health care costs. It's all a part of the new health care reform plan.
The government is offering savings to families who meet certain guidelines including income and the size of your family.
This is a discount that you see as soon as you buy your insurance. It's not a rebate that you have to mail in.
Here's an example: A family of four making $90,000. On a Silver Plan, the annual premium would be $9,700. That family qualifies for a subsidy of $1,150. Average that out over 12 months, the monthly premiums drop from $808 to $712. A hundred dollar savings every month. If that same family makes $50,000 a year, their subsidy jumps to more than $6,000. Their monthly premiums drop to $280.
Nancy Adams, who runs the county's medical society, says these subsidies are going to make health insurance just a little bit more affordable especially to families who think they can't afford it at all.
Nancy Adams, Monroe County Medical Society, said, “It's going to mean a significant discount off the amount you're going to be paying for your health insurance.
News10NBC found another glitch with the state's website. Any individual making less than roughly $45,000 or any family of four making less than $94,000 are eligible for a subsidy. But when we used the state subsidy calculator, we had to drop the family's income to $69,000 to get a subsidy and then the calculator showed it was only 47 cents. News10NBC does have a call into the New York State Health Department to show them what we found. The best calculator we found was through the Kaiser Family Foundation.
Click here to download the Health Insurance Premium Subsidy Calculator. (Make sure when you are prompted to save this to your computer for it to work properly.)