Under the Affordable Care Act (also commonly referred to as Obamacare), approximately 85% of Americans qualify for cost assistance to help pay for their monthly health insurance costs in the form of a tax subsidy. If you purchase your own health insurance or are reimbursed for medical insurance through your employer, find out how much you could save on your health insurance based on your total household income and total number of family members covered. If you choose to remain uninsured, you will be fined for not carrying a health insurance plan. This calculator can help determine how much of a tax penalty you will owe the IRS for not having health insurance.
You may be eligible for Medicaid.
This tool estimates monthly health insurance costs under the Affordable Care Act, and the tax penalty for failing to carry health insurance. Tax credits are available for individuals under age 65 who qualify for cost assistance based on household income, and purchase coverage on their own through on their state exchange or through the federal marketplace. The tool provides an estimate of health insurance costs and possible penalties based on income level, age, family size and ZIP code. See a tax professional for specific details about tax credits and penalties.