Obamacare: How much will it cost me?

Smartmouthwoman · Oct 31, 2013

Looks like private industry is stepping up to bail out the govt yet again. Kaiser Family Foundation has a website that actually works and they're providing a tool to calculate your premium.

Check it out: http://kff.org/interactive/subsidy-calculator/

This is the info I made up to test it... 32 yr old single smoker making $26K a yr with no dependents.

Enter Information About Your Household

1.
Select a State
Texas

Enter your zip code
75200

2.
Enter income as
2014 Dollars

3.
Enter annual income (dollars)
$26,000

4.
Is employer coverage available?
No

5.
Number of people in family
1

6.
Number of adults (21 and older) enrolling in exchange coverage
1 Adult

Age? 32

Uses Tobacco? Yes

7.
Number of children (20 and younger) enrolling in exchange coverage
No Children
.

..

.

Results

The information below is about subsidized exchange coverage. Note that subsidies are only available for people purchasing coverage on their own in the exchange (not through an employer). Depending on your state's eligibility criteria, you or some members of your family may qualify for Medicaid.

Household income in 2014:226% of poverty levelMaximum % of income you have to pay for the non-tobacco premium, if eligible for a subsidy:7.22% (before accounting for a tobacco surcharge, if applicable)

In most states, insurers can charge a tobacco surcharge of up to 50% of your total premium before the tax credit. The tax credit cannot be applied to the tobacco surcharge. You could receive a government tax credit subsidy of up to:$1,148 per year.

Health Insurance premium in 2014 (for a silver plan, before tax credit):$3,025 per year

(which covers 38% of the overall premium) Amount you pay for the premium:$1,877 per year
(which equals 7.22% of your household income and covers 62% of the overall premium) .

Other Levels of Coverage

The premium and subsidy amounts above are based on a Silver plan. You have the option to apply the subsidy toward the purchase of other levels of coverage, such as a Gold plan (which would be more comprehensive) or a Bronze plan (which would be less comprehensive).

For example, you could enroll in a Bronze plan for about $921 per year (which is 3.54% of your household income, after taking into account $1,148 in subsidies). For most people, the Bronze plan represents the minimum level of coverage required under health reform. Although you would pay less in premiums by enrolling in a Bronze plan, you will face higher out-of-pocket costs than if you enrolled in a Silver plan.

Out of Pocket Costs

Your out-of-pocket maximum for a Silver plan (not including the premium) can be no more than $5,200. Whether you reach this maximum level will depend on the amount of health care services you use. Currently, about one in four people use no health care services in any given year.

You are guaranteed access to a Silver plan with an actuarial value of 73%. This means that for all enrollees in a typical population, the plan will pay for 73% of expenses in total for covered benefits, with enrollees responsible for the rest. If you choose to enroll in a Bronze plan, the actuarial value will be 60%, meaning your out-of-pocket costs when you use services will likely be higher. Regardless of which level of coverage you choose, deductibles and copayments will vary from plan to plan, and out-of-pocket costs will depend on your health care expenses. Preventive services will be covered with no cost sharing required.
Click to expand...

OK. You make $12.50 an hr and you'll be required to pay $156.42 a month for health insurance. (Or less if you go Bronze, or more if your state allows a tobacco surcharge.) Our subject can probably make the payments if he quits smoking and gives up his cell phone.

What's the verdict of your results... deal or dud?

Smartmouthwoman · Nov 1, 2013

Nobody wants to tell us what a good deal they can get on the Obamacare exchange?

If I didnt know better, I'd think the libs, are avoiding the reality of outrageously expensive health insurance.

Come on, folks, this site is so simple, even a liberal can do it.

http://kff.org/interactive/subsidy-calculator/

Log in or Sign up

Obamacare: How much will it cost me?

Smartmouthwoman Bless your heart Past Donor

Smartmouthwoman Bless your heart Past Donor

Share This Page

Log in or Sign up

Obamacare: How much will it cost me?

Smartmouthwoman Bless your heart Past Donor

Smartmouthwoman Bless your heart Past Donor

Share This Page

Useful Searches