The Affordable Care Act (ACA) was designed to make health care coverage available for all individuals and families. Currently, there are a large number of people who do not have any health insurance, for various reasons. They might work for a small business owner who does not have an employer sponsored plan. They could be unemployed, disabled, or have a job where paying for coverage would leave them little money to pay their other living expenses and obligations. Luckily, the ACA deals with these issues and has several plan options, tax breaks, incentives, and subsidies in place to ensure everyone has equal access to quality care.
To determine how much health care coverage is going to cost you, once the Affordable Care Act takes effect on January 1st, 2014, you should use our free calculator. This calculator is able to give you an estimated premium amount and estimated tax credit for the Silver Plan. For example, an individual aged 35, with an annual income of $25,000, has an estimated premium cost of $281 and an estimated tax credit of $137. This means your estimated out-of-pocket premium cost for the Silver Plan is $144.
It should be pointed out there are four tiers of health coverage available to choose from, including Bronze, Silver, Gold, and Platinum. All four tiers provide the same coverage for the 10 Essential Health Benefits, with a few minor exceptions. Bronze plans will have the lowest premiums, but only cover 60 percent of expenses, while a Silver plan covers 70 percent of expenses.