10-05-2012 08:22 AM
Does anyone know of a calculator that would show what it would cost to buy insurance under Obamacare? I don't mean the tax penalty if you don't buy it. I want to know what it would cost our family. When I tried one calculator, I got this... I cannot find any to tell me the actual cost, just the penalty.
Starting in 2014:You will have the option of buying a health plan through your state's exchange. Based on your income, you probably would not qualify for federal assistance to offset the cost of that plan. Insurers can't discriminate against you for having a pre-existing condition, and can only vary rates within a narrow range.
If you do not obtain insurance coverage by 2014 you will be assessed a tax penalty. The penalty becomes progressively greater from 2014 through 2016, when it reaches full strength. At that point, assuming your current income remains the same and your household consists of 2 uninsured adults and 3 uninsured children, your family would be subject to a penalty of about $2,433. You are exempt from the penalty if the least expensive plan option in your area exceeds eight percent of your income.