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The Affordable Care Act (ACA), formally known as the Patient Protection and Affordable Care Act (PPACA) and informally as Obamacare, is a landmark U.S. federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.
The subsidies for insurance premiums are given to individuals who buy a plan from an exchange and have a household income between 133% and 400% of the poverty line. [50] [56] [57] [58] Section 1401(36B) of PPACA explains that each subsidy will be provided as an advanceable, refundable tax credit [59] and gives a formula for its calculation: [60]
This ambiguity was the subject of a number of lawsuits that were part of a broader campaign of legal challenges against the ACA. Had the challenges regarding the premium tax credits succeeded, the subsidy that was one of the key provisions of the ACA would've been unavailable to most people who the framers of the law intended to receive it.
However, the Inflation Reduction Act extended premium subsidies and eliminated the “subsidy cliff,” which capped financial help at 400% of federal poverty level ($120,000 for a family of four ...
Without enhances subsidies, many middle income ACA Marketplace enrollees with incomes just above four times poverty would be priced out of health insurance coverage, according to Cox. Subsidies ...
Allowing Biden’s subsidies to sunset would make Obamacare coverage more expensive across the board — Households currently pay 44% less for health plans on average than they would under the ...
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