CHICAGO, IL–(Marketwired – Apr 15, 2013) – In less than a year, the majority of Americans required to purchase health insurance under the Affordable Care Act (ACA) will be eligible for premium tax subsidies. GoHealth, the leading online marketplace for individuals and families to compare health insurance quotes, has created an easy-to-use and dependable online calculator that estimates 2014 individual tax subsidies and health insurance premiums for people in all 50 states.
What makes this tax subsidy calculator different? According to GoHealth president Brandon Cruz, GoHealth’s technology is able to get more specific results by asking for more targeted information. “The amount of money eligible Americans will receive to subsidize health insurance costs varies greatly depending on factors such as household income and number of dependents,” says Cruz. “This tool gives our users a simple way to find out how much they can expect to pay in premiums and receive in subsidies starting next year.”
The price of health insurance also is directly related to the state and region a person lives in. In order to provide the most accurate, targeted results possible, GoHealth’s subsidy calculator requires users to enter a zip code before formulating data. This is a key difference from other subsidy tools available online.
Eligibility requirements to receive a tax subsidy:
- United States citizen or legal resident
- Family income between 100 and 400 percent of the federal poverty level (FPL). For individuals in 2013, 100 percent FPL is $11,490 and 400 percent FPL is $45,960. For a family of four, 100 percent FPL is $23,550 and 400 percent FPL is $94,200.
- Health insurance must be purchased through a public health insurance marketplace
- Affordable Coverage must not be available through an employer
- Not be eligible for Medicaid
Since subsidy amounts fluctuate based on income, eligible Americans with higher annual incomes will be expected to contribute more funds towards health insurance coverage than those with lower annual incomes. As a result, people with lower incomes can expect higher subsidies than their wealthier counterparts.
The GoHealth Subsidy Calculator can be accessed by clicking here.
GoHealth and its customer-facing website GoHealthInsurance.com is a health insurance technology platform, working with over 100 health insurance companies and more than 10,000 licensed agents across the United States. Since the company’s founding in 2001, the GoHealth platform has helped nearly 30 million Americans shop and compare health insurance quotes. To speak with a licensed agent about all of your coverage options, call 800-769-9623.