The HealtheDeals.com Obamacare Calculator will help you:
- Determine if you might qualify for a premium subsidy
- Estimate your subsidy amount
- Shop for your health insurance plan
It’s simple: Just enter your info and get your results.
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 policy.
You must apply for subsidies when you enroll in health insurance through HealthCare.gov or a state-based exchange. Your actual premium tax credit amount will be determined at that time.
Who qualifies for premium tax credit subsidies?
The eligibility criteria are generally as follows; if you do not meet both of these criteria, you are unlikely to qualify for a premium tax credit2:
1. Your household income must be within 100 and 400 percent of the federal poverty level for your family size.
2. You must buy your health insurance plan from HealthCare.gov or a state-based exchange.
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% of the federal poverty level, 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 (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% to 9.56% 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.
Not eligible for a tax credit to help pay your health insurance premium?
Individual health insurance policies sold in the private market may vary from those offered through HealthCare.gov or a state-based exchange since not all carriers sell exchange-based policies and some carriers offer different policies in the private market. Compare your exchange-based and private market options to find the rate, network and policy benefits that best meet your budget and healthcare needs.
You can buy ACA-compliant, off-exchange coverage from:
- Health insurance agents
- Health insurance carriers
- Websites that sell health insurance from multiple carriers
Another coverage option if you don’t get a subsidy
If you don’t qualify for a tax credit to help lower your monthly premium, you may also want to explore alternative health insurance options including short-term health insurance and hospital indemnity insurance. Alternative health insurance premiums may be more affordable, but you will have to gather quotes and compare them to determine whether or not this is true for you—also factor in what you will pay out of pocket when you do seek medical care.
While they do provide some benefits to help pay for unexpected medical expenses that result from illness or injury, the alternative health insurance options mentioned above are not ACA compliant, which means they do not include essential health benefits and may deny you coverage based on health history.
Summary + next steps
Premium subsidies can help reduce your monthly health insurance payments. It’s easy to estimate your tax credit using tools like the healthedeals.com Obamacare Calculator.
Find a local agent now with Agent Finder. Whether or not you qualify for a subsidy, a local producer can help you shop for ACA-compliant major medical insurance as well as non-ACA-compliant supplemental and alternative insurance.
Whether or not you qualify for a premium subsidy, you may want to read about additional coverage options to help pay for out-of-pocket medical expenses.
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Alternative health insurance and supplemental health insurance options are underwritten by Independence American Insurance Company, Madison National Life Insurance Company, Inc. and/or Standard Security Life Insurance Company of New York.