Health Care Reform Calculator for Individuals and Families
Do you qualify for a tax credit towards your monthly insurance premiums?
This interactive affordable care act (PPACA) calculator will tell you whether your income may make you eligible for Medicaid or premium tax credit through the marketplace. In other words, it will estimate how much you may receive from the government to help you afford your health coverage.
To use the health care reform calculator, enter your household size and income for all individuals included on your tax return (yourself and spouse and dependents, if applicable). For your ease, have this ready.
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Beginning October 2013, individuals and families can apply for a tax credit towards their health insurance coverage (effective January 2014) through the Colorado Marketplace, Connect for Health Colorado. Eligibility is determined by Connect for Health Colorado. Individuals and families who are U.S Citizens or lawful residents may qualify if they:
- are not eligible for public health coverage through programs like Medicaid, Medicare, the Children’s Health Insurance Program, or the veteran's health program and
- are not offered affordable coverage through their employer.
The estimated monthly premium is based on the second lowest priced silver plan available to you in the Marketplace, but you can choose to purchase a more generous or less generous plan. Please note, premiums will vary based on the plan you choose. Further information on insurance premiums will be available in October 2013.
Disclaimer: This calculator shows expected spending for families and individuals eligible to purchase coverage in the Marketplace under the Affordable Care Act. Under the law, maximum contributions to premiums will be based on modified adjusted gross income, while estimates in this calculator are based on the annual income entered by the user. This is only an estimate. Actual premiums in the Exchange are not yet known. The premiums in this calculator reflect national estimates from the Congressional Budget Office for silver plans, adjusted for premium inflation and age rating. All required eligibility information will be collected and verified by Connect for Health Colorado. Also, if you receive a premium tax credit and your income changes, notify Connect for Health Colorado immediately. Repayment of the tax credit maybe required if your eligibility changes.
Further notes on methodology and assumptions
This calculator is based on the methodology and assumptions of the National Calculator created by Center for Labor Research and Education and Institute for Research on Labor Employment Library, at the University of California, Berkeley© 2012-13, The Regents of the University of California. All rights reserved.