About Chelyen Davis:
Chelyen Davis is health reporter for The Free Lance-Star
Kaiser posts exchange subsidy calculator online
Today the Kaiser Family Foundation has posted a tool to help you figure out if you’d be eligible for a health insurance subsidy through the health insurance exchange marketplaces when they go online in October.
You can find the tool here.
The exchange is part of the Affordable Care Act. Some states are creating their own exchanges, but Virginia has chosen to participate in the federally-run exchange.
In the tool, you can put in annual income, the number, ages and tobacco status of adults in the household, the number of children ( it also asks how many of your children use tobacco) and whether or not insurance is available through your employer.
Depending on what you put in, the results will suggest how much of a subsidy you might be eligible for to help you pay for insurance through the exchange. As an example, here’s what the subsidy calculator’s results are for a family of three — two non-tobacco-using adults and one non-tobacco-using child — making $36,000 a year and with no employer insurance:
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:
- 182% of poverty level
- Unsubsidized Health Insurance Premium in 2014:
- Maximum % of income you have to pay for the non-tobacco premium, if eligible for a subsidy:
- Amount you pay for the premium:
(which equals 5.46% of your household income and covers 21% of the overall premium)
- You could receive a government tax credit subsidy of up to:
(which covers 79% of the overall premium)