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Biden just made Obamacare better [1]
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Date: 2022-10-11
Former President Barack Obama and President Joe Biden mark the anniversary of the 2010 passage of the Affordable Care Act in the White House on April 05, 2022.
He said he was going to do it, and he did it. President Joe Biden just made the Affordable Care Act (ACA) that much better, that much more affordable for more than 5.1 million people, about 2.8 million of them children who have been priced out. As of next year, the ‘family glitch’ is history, a fix more than eight years in the making.
When lawmakers were writing the law, they found what they thought might be a relatively harmless saving: people who had access to health care through their jobs that was too expensive could get subsidies to help pay for ACA coverage—but only for themselves, and not their families. That cut millions of family members out of affordable coverage. Employers are generally pretty generous when it comes to providing coverage for individuals, paying about 83% of the cost of insurance for them. But on average, they only pick up 73% of the cost for families. What could cost an individual $7,470 out of pocket annually could cost $21,342 for the average family, and the ACA couldn’t help.
That’s done now. The IRS has finalized the rule change to make sure that affordability—what percentage of the paycheck would have to go toward coverage—is based on family premiums as necessary. In 2022, the threshold for “affordability” of employer-sponsored coverage is 9.61% of household income; if insurance costs ate up more than that, then you would qualify for an individual subsidy under the ACA. It’s going to drop to 9.12% in 2023—and will apply to whole family coverage instead of individual.
This is why we have to keep electing Democrats, by the way. Because they still are working to make life better for as many people as they can. Do you what you can to help these races up and down the ballot across the country.
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[1] Url:
https://www.dailykos.com/stories/2022/10/11/2128374/-Biden-just-made-Obamacare-better
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