There is still time to sign up for Obamacare. If you don’t have health insurance, forget the political arguments for a few minutes and consider applying for health insurance under the Affordable Care Act. Use the calculator in the window to figure out whether you qualify for Obamacare payment assistance.

SUBSIDY OR PREMIUM TAX CREDIT

They call it a subsidy. And there’s a little more of a word game here – it’s a premium tax credit and you can get an advance payment to lower your monthly fee. If the money that you are due is less than what you withdraw to pay the fee, you’ll get a tax refund after you file your tax return. If you take more than you pay for the insurance premium, you’ll have to refund the money when you pay your taxes.

Cost for the premiums depends up your income and the state you live in. It also depends upon whether you’re single, how many family members you have, whether you use tobacco, your income, and the category of insurance you want.

Again – they tried to make simple. But I’m not sure they succeeded. Everyone will have access to basic healthcare, but there are different types of plans. And as usual, you get what you pay for.

• Bronze
• Silver
• Gold
• Platinum

This isn’t about jewelry. It’s about how much you’ll be asked pay for insurance and what you can expect to get. The Kaiser Family Foundation says the Bronze plan represents the minimum level of insurance required under Obamacare. You pay less for the monthly premium but you pay higher out-of-pocket costs than you would if you opted for the Silver, Gold or Platinum.

Out-of-pocket expenses, according to plan, would roughly be:

• Bronze Plan: 40%
• Silver Plan: 30%
• Gold Plan: 20%
• Platinum Plan: 10%

 A new report by the Department of Health and Human Services says that the average monthly premium for a 27-year-old who chooses the Silver plan will be $328 before tax credits. But it varies state to state.  And the tax credits change things significantly.

In the New York – Northern New Jersey area for example, a 27-year-old with an income of $25,000 would pay $145 for the Silver plan with the tax credit. Under the Bronze plan and with a tax credit that goes down to $94 a month.

The Open Enrollment period runs through March 31, 2014.  Your insurance begins after you make your first payment.

 

IS YOUR STATE ONE OF THE 36 WITH A HEALTHCARE EXCHANGE?