Many of the financial details of the health insurance exchanges remain fuzzy, and they likely will be until Oct. 1, when consumers should be able to punch their income and family size into an online calculator to get some choices.
Most families don’t have to worry about it. If you’re covered by an employer group policy or one of the existing government health insurance programs, you almost certainly will be better off sticking with what you’ve got.
But if you are uninsured or pay for your own insurance in the open market, you are candidates for the insurance plans offered through the exchange – and for the premium tax credit designed to make that coverage more affordable.
How will the premium tax credit work? Here are a few tips from the journal Health Affairs.
For example, a couple with two children and an income of $47,100 could get insurance from the exchange with a price tag of $9,000 a year. They would receive a $7,032 tax credit, reducing their out-of-pocket expense to $1,968 annually, or $164 per month.