Are you eligible for a health insurance subsidy in 2017?
Planning to buy health insurance from a state-based or federally facilitated exchange and curious about your premium tax credit amount?
Estimating your 2017 premium tax credit is as easy as 1-2-3. Just enter your info. Get your results. And find your plan.
The new HealtheDeals.com Health Insurance Cost and Subsidy Calculator will help you determine if you might qualify for an Obamacare subsidy; if so, approximately what amount; and where to shop for your 2017 health insurance plan.
To use the calculator, you will need your estimated household income, ZIP code, date of birth and ages of any additional family members who will be covered by your health insurance plan.
Who qualifies for premium tax credit subsidies?
Under the Affordable Care Act, premium tax credits are available to low- and moderate-income families as a way to help make health insurance more affordable.1
The eligibility criteria are generally as follows2:
- Your household income must be within 100 and 400 percent of the federal poverty level for your family size. The 2016 federal poverty guidelines used to calculate 2017 subsidies can be found here: aspe.hhs.gov/poverty-guidelines.
- You must buy your health insurance plan from a state-based exchange or the federal Health Insurance Marketplace.
If you do not meet both of these criteria, you are unlikely to qualify for a premium tax credit. Additional factors that influence your tax credit eligibility and amount include the following:
- Medicaid expansion — If you live in a state that expanded its Medicaid program and earn up to 138 percent of the FPL, you may not be eligible for subsidies because you are instead eligible for Medicaid.
- Your state’s benchmark plan — Premium tax credit subsidies are based on the second-lowest cost silver plan in (i.e., the benchmark plan) in your area.3 Those who meet the guidelines for an ACA tax credit will pay no more than 2.01 percent to 9.56 percent of their income toward health insurance premiums.4 As such, a change in benchmark rates can impact the amount of subsidy for which you are eligible and how much you will pay for coverage
With so many variables in the health insurance market, including fluctuating premium rates and their impact on tax credits, it is important to compare your coverage options and recalculate your estimated premium tax credit amount each year.
Curious about how to calculate your subsidy amount manually? You can review the steps and see examples here.
Not eligible for a tax credit to help pay your health insurance premium?
If you don’t qualify for an Obamacare subsidy, you can shop for coverage both on and away from the state-based and federally facilitated exchanges.
Individual health insurance plans sold in the private market may vary from those offered through your state-based exchange and the federal Health Insurance Marketplace since not all carriers sell exchange-based plans and some carriers offer different types of plans in the private market. Compare your on- and off-exchange options and find the rate, network and plan benefits that best meet your budget and healthcare needs.
You can buy ACA-compliant, off-exchange coverage from:
- Health insurance producers (i.e., agents and brokers)
- Health insurance carriers
- Healthedeals.com and other websites that sell ACA-compliant health plans and supplemental coverage
If you have questions about buying health insurance or supplemental products, call the number at the top of your screen to speak with a producer. If you want to find a local agent to help you shop for 2017 Obamacare plans in your area, use Agent Finder!