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View Diary: WWW.HEALTHCARE.GOV Answered ALL my Obamacare Questions This Morning (162 comments)

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  •  One caveat to this... (18+ / 0-)

    A couple of weeks ago I used the Kaiser Calculator and it was wildly higher in cost than what my state has ended up offering. Minnesota already has plans on line, don't know about other states, and it must be said that Minnesota will be one of the best places to sign up for the ACA, according to what I've read.

    Still, good to find out about your own state as opposed to using the Kaiser calculator, imo.

    "A typical vice of American politics is the avoidance of saying anything real on real issues." Theodore Roosevelt.

    by StellaRay on Wed Sep 25, 2013 at 10:05:56 AM PDT

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    •  I think the kaiser calculator (8+ / 0-)

      Might include state info

      That said, for states lucky enough to have good governance, do check with your state

      Utah is Mia to date

      It's difficult to be happy knowing so many suffer. We must unite.

      by War on Error on Wed Sep 25, 2013 at 10:19:48 AM PDT

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      •  The one I used was generic. (4+ / 0-)
        Recommended by:
        Sylv, ericlewis0, elwior, War on Error

        Which is not to say there aren't others on the site. And speaking of states without good governance, it's important to note that for people in states like Wisconsin, which have not set up exchanges, they are eligible for the Federal ACA exchanges, which isn't bad as there are currently 11 companies to choose from there, times the amount of plans they are offering. Lots of choices.

        "A typical vice of American politics is the avoidance of saying anything real on real issues." Theodore Roosevelt.

        by StellaRay on Wed Sep 25, 2013 at 11:10:32 AM PDT

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    •  The actual credit value you are entitled to (5+ / 0-)

      is based upon the "benchmark" silver plan in the exchange, which is the second least expensive silver plan offered.  To know what this benchmark is, the calculator needs to be up to date with the premium value for this benchmark silver plan.

      For those interested, the maximum credit you can achieve is based on a cap that represents the maximum percentage of your household income to be spent towards insurance coverage.  These caps, which can be found in this fact sheet, are income dependent in the following manner:

      100-133% FPL: 2% of income
      133-150% FPL: 3 – 4% of income
      150-200% FPL: 4 – 6.3% of income
      200-250% FPL: 6.3 – 8.05% of income
      250-300% FPL: 8.05 – 9.5% of income
      300-400% FPL: 9.5% of income
      Within a given FPL range, the cap % scales linearly, e.g. for 175% FPL, the cap will be right in the middle of the 4-6.3% span at 5.15%.

      The calculation method for your credit then goes like this:

      • Maximum Amount Enrollee Pays for Benchmark Silver Premium = Cap (%) * Income

      If the enrollee’s unsubsidized premium is already less than their cap, he or she would not receive a subsidy.

      • Tax Credit = Unsubsidized Benchmark Silver Premium – Maximum Amount Enrollee Pays for Silver Premium

      Subsidized enrollees can apply their tax credit toward the purchase of other levels of coverage, such as bronze plans.

      • Amount Enrollee Pays for Bronze Premium = Unsubsidized Bronze Premium – Tax Credit

      For more on exchange subsidies, see the Kaiser Family Foundation’s Subsidy Calculator

      (taken from An Early Look at Premiums and Insurer Participation in Health Insurance Marketplaces, 2014)

      The calculation for the tax credit (2nd bullet point) requires a knowledge of the premium for the benchmark silver plan.  If this premium changes, like may happen when more plans are added to the exchange, then the tax credit picture will change as well.  This is also why you may see dramatically different credit values for a federal tax credit across various states.

    •  Kaiser calculator caveats (1+ / 0-)
      Recommended by:
      StellaRay
      Premiums in the calculator are illustrative examples in 2014 dollars derived from estimates of average premiums for 2016 from the Congressional Budget Office.
      The estimate doesn’t account for differences based on where you live, which will significantly affect Marketplace prices and offerings.

      I can't help it. I love the state of Texas. It's a harmless perversion. - Molly Ivins

      by rsmpdx on Wed Sep 25, 2013 at 04:20:10 PM PDT

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