General Discussion
In reply to the discussion: Just got my ACA premium notice for next year [View all]Imperialism Inc.
(2,495 posts)It is based on a person paying no more than a set percentage of their income. What that percentage is can vary and I'm not sure the details there but the maximum percentage is 9.56% of income. So, if someone was already paying 9.56% of their income, and their insurance rates went up, they wouldn't pay a dime more.
You can find the details here: http://kff.org/interactive/subsidy-calculator/ by clicking on Frequently Asked Questions and finding "Premium Tax Credit".
Not sure if paying 9.56% describes the original poster or not but I'd be pretty surprised if whatever percentage they are required to pay will change much. In other words, after the 2015 subsidy is calculated I would bet they won't be paying too much, if any, more than they did last year. It looks to me like the the OP, understandably, freaking out is due to not understanding how the subsidy is calculated.