6.4 Million Americans Will Spend Less Than $100 Per Month On Health Insurance Under Obamacare

| by Sarah Fruchtnicht
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Under the Patient Protection and Affordable Care Act about 6.4 million Americans will be able to buy health insurance for $100 or less per month through the state-level marketplaces.

According to a report from the Department of Health and Human Services, federal tax subsidies will reduce premiums under the reform law. Subsidies are available for Americans who make less than 400 percent of the poverty level per year, equal to $94,200 for a family of four.

HHS released the report based on expected premiums for those buying “silver” plans – the second-cheapest plan offered by new insurance marketplace as of Oct. 1.

"The health care law is making health insurance more affordable," said HHS Secretary Kathleen Sebelius. "With more than half of all uninsured Americans able to get coverage at $100 or less, the health care law is delivering the quality, affordable coverage people are looking for."

Not all state marketplaces have released their rates yet, but HHS stands by the estimate.

A person making 150 percent of the federal poverty level, $17,235 per year, would pay four percent of their income, $57 per month, for a silver plan.

"Consequently, it is not necessary to know the actual second-lowest-cost silver premium to determine how many people will pay $100 or less per person per month for a silver plan," the HHS reported states.

In January, expanded programs will allow half of uninsured Americans pay less than $100 for healthcare coverage as well. HHS estimates that 41.3 million Americans are without health insurance. Increased Medicaid enrollment will also extend lost-cost coverage.

Sources: USA Today, ThinkProgress