Enter some personal data into the Obamacare calculator to see the plans for which you qualify and the cost to you for coverage. No need to enter your name, social security number or address. The Obamacare calculator can estimate your insurance costs with just the number of people in your household, ages of the individuals, your zip code and possibly a few other anonymous variables. You never enter any identifiable information and your data is not saved or sold to a third party. The Obamacare calculator is free to use and you are under no obligation to purchase a plan.
Obamacare Calculator for Financial Planning: Tax Credits, Subsidies and Penalties
The Obamacare calculator can also assist you with financial planning for the coming year by figuring your monthly health insurance payments and tax credits. If you do not opt in for an insurance plan for the year or part of the year, the Obamacare calculator, also known as the ACA calculator, can provide you with an estimate of your penalty for noncompliance for tine you or members of your household were without coverage. The “individual mandate” penalty for 2015 is 2 percent of your household income or $325 for each uninsured adult, and $162.50 for each child. You must pay the higher amount of the two options. The maximum fine is $975.
For 2016, the penalty is raised to 2.5 percent of total household income or $695 for each adult without coverage, and $347.50 for each child. Fees are paid to the federal government when you file your yearly tax return. The maximum amount for a 2016 fine is $2,085.
ACA Exemptions
If you are a member of one of the following groups, you may be exempt from the health insurance coverage requirement. If you are exempt from the ACA coverage requirement, you will not be required to purchase health insurance or pay the yearly penalty.
– Individuals Who Cannot Afford Coverage
You can apply for a hardship exemption if purchasing health insurance and paying a monthly premium would mean that you could not budget for food or housing. You must prove your hardship, but if you are a member of this group, you may be excluded from any of the ACA requirements.
– Individuals Who are Homeless or In Foreclosure
If your home was in foreclosure or you were homeless for part or all of the year, you may qualify for a hardship waiver. You may also qualify if you filed for bankruptcy.
– Individuals with Religious Objections
If you have religious objections to purchasing health insurance provided by the federal government or state exchanges, you may qualify for exemption. You do not have to be a member of any particular religion to qualify, but you objections must be considered valid and serious.
– Undocumented Immigrants
Undocumented workers, immigrants in the US illegally and refugees are not required to purchase health insurance.
– Individuals Who Live in a State that Did Not Expand Medicaid
Several states opted out of federal funds for Medicaid expansion. If your state was one, and you would have qualified for coverage under Medicaid, you may qualify for an exemption.
– Individuals Who Are Incarcerated
If you are incarcerated, you are not required to purchase a health insurance plan. The exemption may also apply if you are under house arrest or in an alternative detention setting.
– Native Americans
If you are of Native American heritage and live on Native American lands, you qualify for an exemption. However, you can purchase health insurance from the Healthcare.gov site or a state exchange if you so choose.
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