facebook
twitter
search
search

Calculator estimates government health insurance subsidy

June 28, 2012 at 5:22 PM
| License Photo

MENLO PARK, Calif., June 28 (UPI) -- People whose employer doesn't provide health insurance and buy individual policies on their own can calculate their savings online, a U.S. non-profit says.

The Henry J. Kaiser Family Foundation set up a "Subsidy Calculator" on its Web site for those who buy individual health insurance policies.

By answering five simple questions: Income, age of policyholder, single or family type health insurance, if employer coverage was available and regional costs for the region being, low, medium or high the calculator can estimate if a government subsidy for health insurance will be available.

For instance, a healthy single 30-year old with an income of 225 percent of the poverty level -- expected to be a little less than $26,000 in 2014 -- could have to pay an estimated $3,440 annual premium for an unsubsidized silver health insurance plan, the Kaiser Foundation said.

However, this person under the Affordable Care Act would be eligible for a government tax credit of $1,583, effectively reducing the premium 46 percent to $1,857.

The Congressional Budget Office estimated the cost of these government subsidies would total some $50 billion a year by 2017.

The calculator does not apply to people with coverage available through an employer.

The calculator is at: http://healthreform.kff.org/Home/KHS/SubsidyCalculator.aspx?source=FS.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Elastic gel stops bleeding, helps wounds heal
FDA to look at risks of treating children with codeine
Device helps doctors personalize chemotherapy for patients