7654321 Help with your monthly premiums
Answer a few questions to see if you'd qualify for subsidized health insurance under the Affordable Care Act and what you'd pay.
Shoppers on the new state online marketplaces may be surprised to find that most sites automatically calculate premium discounts available through Obamacare. You see instantly if you qualify for a federal subsidy to help pay your monthly health insurance bill.
You get the savings if you make up to $45,960 a year for individuals or $94,200 for a family of four (based on 2013 estimates). Your subsidy amounts to a federal income tax credit that lowers your monthly insurance premium. According to the Congressional Budget Office, the average subsidy will knock $5,290 off the cost of health insurance in 2014.
Federal data will be used to verify incomes and subsidy eligibility on the 34 state exchanges operating under the federal HealthCare.gov website. The District of Columbia and 16 states operating their own marketplaces are using an honor system until 2015 while they upgrade their systems to provide real-time income verification.
Consumers shouldn't expect to score similar savings on individual plans offered outside the marketplaces, says Deborah Chollet, manager of health insurance research for Mathematica Policy Research in Washington, D.C. "If you want a lower premium because of the premium tax credit, you have to go through the marketplace," she says.
More On Obamacare:
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Compare multiple quotes in just 6 minutes
Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.
A senator moves to raise Amtrak's liability limit retroactively to cover the Philadelphia crash.
... Read more