Assuming you actually could buy health insurance coverage on the state and federal government-run Obamacare exchanges, how much would you have to pay before you could actually benefit from having the insurance?
That's an important question to answer, given the high premiums and even higher deductibles that apply for even the most affordable health insurance options being sold through the government-run marketplaces. In addition to paying your monthly premiums, you will also have to burn through your policy's deductible before your health insurance will begin covering a significant portion of your health care expenses.
That creates something that we'll call the "Obamacare Cost Gap", which is the difference between how much of your health care bills that you would have to pay before your insurance coverage begins to kick in, and the amount of the potential additional income tax that you would have to pay if you had no health insurance coverage at all.
How much is your Obamacare cost gap? Well, we've built a new tool where you can find out! But before you use it, we'll ask you to first use our tool that can estimate both your annual subsidy tax credit and also the amount of additional income tax that you will have to pay if you choose not, or cannot buy health insurance in time to avoid a higher tax bill in 2014.
Then, just enter those numbers into our tool below along with the other indicated information. We'll take care of the rest!...
In an upcoming post, we'll take on the question of just how high your health care expenses have to be to really benefit from having health insurance coverage!