Is My Employer's Health Insurance Plan Affordable? - Calculator
November 23, 2022
DID YOU KNOW?
We've repeatedly heard this: "I'm on my spouses insurance plan through work, but it is SO EXPENSIVE. What other choice do we have?"
Historically, if your employer offered health insurance coverage, your spouse and/or dependents were not eligible for the lower premiums of the Affordable Care Act.
In October, 2022, the IRS revised their position that allows families who don't have access to an affordable option through the employees work, to split up(the coverage) and keep the employee with work, while moving the spouse and/or kids to a more affordable option.
This calculator lets you enter your household income, and the price of the plan to cover just you, and your family. Click calculate, and if any of the boxes below the button flash green, that person can opt out of employer coverage and get plans at a lower rate.
If any of the boxes are green, you can start the simple process of finding plans here.
This tool gives an estimate to see if you or your family members may be eligible for financial assistance outside of your employer by determining if the cost of your lowest cost employer plan is legally affordable.
What is the approximate 2023 annual income for your tax household?
Please choose from the dropdown how often your employer collects health insurance contributions from your paycheck.
1. Please state your required contribution per paycheck to purchase the lowest-cost single (employee-only) health insurance offered by your employer that meets Minimum Value Standard*.
A health plan meets the Minimum Value Standard if both of these apply: It’s designed to pay at least 60% of the total cost of medical services for a standard population
Its benefits include substantial coverage of physician and inpatient hospital services
2. Your required contribution per paycheck to purchase the lowest-cost family health insurance offered by your employer that meets Minimum Value Standard*:
"Family health insurance" means health insurance that would cover the employee’s tax family, including a spouse filing jointly or a dependent. Other family members—such as adult children up to age 26 or non-dependent domestic partners—might be offered job-based coverage, but, if they are not on the employee’s tax return, they would not be considered in the affordability test and therefore the cost of covering them should not be included here.
* An employer-sponsored health plan meets "minimum value standard" if the health plan's share the total allowed benefit costs covered by the plan is no less than 60% of those cost.
If any of the boxes above are green, you can start the simple process of finding affordable plans here.