The new subsidy calculator was released a few days after open enrollment, making enrollment solutions for individuals more clear before they head to an enrollment center or fill out an application online.
MIAMI, November 9, 2017 (Newswire.com) - After the release of the new 2018 subsidy calculator by the Kaiser Family Foundation, consumers can find ease in getting a guesstimate on how much they will save/pay for their health insurance plans throughout 2018. Before covering the importance of the subsidy calculator, let's first understand what a "subsidy" is.
To simplify, "subsidy" can be frequently exchanged for the thought of a "tax credit". It's financial help from the government that gives consumers a discount on the total costs of a plan. This subsidy — tax credit — changes depending on the consumer's income, household size, etc. This means two people can have the same plan that initially costs the same price, but after subsidies are in place, these two individuals can pay two completely different amounts.
The subsidy calculator, in turn, will quickly let consumers know if they're eligible for a subsidy, how much that subsidy might be, and what tax penalties they could face if they don't sign up for a health insurance plan.
Using the tool is easy. Simply enter the state of the enrollee, estimated annual income for 2018 and household size. Consumers can get real-time, accurate results.