I was talking to my brother today and we happened to talk about Obamacare. He and his wife are self-employed and he mentioned that he was hoping it would help drive down his health insurance premium. They now pay around $700 monthly with a $4000 family deductible. This is for coverage for a family of 4 (likely without maternity coverage but I didn't ask to make sure).
I also brought up that the tax subsidies go away at $94,000 and how that's not that much money. For a family of 4, that amount of money goes very quickly. My brother agreed with me. I don't know how much they make but its likely quite a bit more.
My brother drives truck but doesn't own the truck. He works in Western ND in the oil fields. He didn't graduate high school but works very hard and likes to make money. He will easily work 100 hours a week if given the chance. He is easily making 6 figures after accounting for the added expense of having a separate apartment out there. My sister-in-law owns her own daycare but doesn't work out of her own home. She works from 6:45 to 5:30 M-F. She works long hours but their two kids are with her after school. She has a high school diploma. She wasn't that ambitious when they got married but my brother definitely had a hand in her buying a separate house to do daycare in. Her daycare has been open for over 10 years and has a waiting list.
I use my brother and SIL as examples of what hard work can lead to. They don't have high education levels but are smart about making money and making it work for them. Where they live, they could probably live comfortably but modestly on 94k.
Tell me what you think. Is 94k a lot of money? To support a family? Is that a low amount to have the tax subsidy phased out for Obamacare?