Are you wondering whether or not the Patient Protection and Affordable Care Act (ACA) is saving you money? There’s a calculator available that can help you determine what your savings could be. The Subsidy Calculator from the Henry J. Kaiser Family Foundation asks a series of simple questions about your household in order to determine what your unsubsidized premium would be, what percentage of your income you would have to pay if you’re eligible for a subsidy, the amount you would pay for the premium, and the amount of money you could receive in the form of a government tax credit. The calculator also provides detailed information on the different levels of plans available based on the answers you provide.
When using the calculator, please keep in mind that federal subsidies are only available for those who are obtaining health insurance on their own in the Health Insurance Marketplace and not from an an employer. Also, you or one of you family members may be eligible for Medicaid (this depends on the state you live in and that state’s qualifying criteria).
Below is the free tool from the Kaiser Family Foundation for you to use. Are you saving money with the Affordable Care Act (a.k.a. “Obamacare”)? Please let us know in the comments.