Biden bonus

Over the past ten years the cost of Obamacare has increased by 220% or over 20% per year. This plan had a limit on income which allowed a family of four with up to $128,000 of income to qualify for some subsidy. During Covid the Biden ACA bonus removed the income limit so now people who make high income can apply for coverage. The new rule says that if your insurance premium cost more than 8.5% of your gross income you can get ACA help to pay for your insurance. For example, if your income is $200,000 you can qualify for help if your insurance cost more than $17,000 per year. Many self-employed people (business owners) are now receiving subsidies. The average cost of health care insurance for a family is $27,000. The Biden bonus was passed in 2021 with only democratic votes and the estimated cost was $34 billion for two years. It was renewed in 2022 to the end of 2025 at an estimated cost of $64 billion. The democrats want to make this change permanent and the republicans oppose. This was supposed to be a bonus only for Covid but Covid is gone and they want the bonus to continue. It is very difficult to take away a benefit once it starts.