If you live in California, and you make more than $62,040, look out; you are ineligible for a federal tax subsidy to offset your skyrocketing premiums due to Obamacare. If you can lower your modified adjusted gross income to less than $62, 040, which is 400% of poverty level, you can qualify.
This is going to profoundly affect older people, because insurers charge them more than they do for young people.
ObamaCare dictates that if your 2014 income is between 138 and 400% of poverty level for size of you and others covered with you, you can obtain a federal tax subsidy that will pay some or all of your premium.
If your income is less than 138% of poverty level, you qualify for Medicaid (called MediCal in California.) But if you make more than 400% of poverty level, there’s trouble.
One example of the deleterious effect of Obamacare is Jacqueline Proctor and her husband, an early 60’s couple in San Francisco. Their current health insurance with Kaiser Permanente costs them $7,200 a year with a $5,000 per person annual deductible.
But under Obamacare, Proctor says, “Kaiser told us the plan does not comply with Obamacare and the substitute will cost more than…