2017 Health Insurance Premium Credit Calculator
The 2017 Health Insurance Premium Credit Calculator is an essential tool for understanding and estimating your potential health insurance premium tax credit. This credit is designed to make health insurance more affordable for individuals and families with low to moderate incomes.
- Enter your annual income.
- Select your family size.
- Click ‘Calculate’.
The calculator uses the following formula to estimate your premium tax credit:
PTCC = (FPL - Income) * (FS - 1) * (PTCR / 100)
Where:
PTCCis the estimated premium tax credit.FPLis the federal poverty level for your family size.Incomeis your annual income.FSis your family size.PTCRis the premium tax credit rate (currently 2.016%).
| Income | Family Size | Estimated Credit |
|---|---|---|
| $25,000 | 2 | $1,209 |
| $35,000 | 3 | $1,509 |
| $45,000 | 4 | $1,809 |
| Family Size | Federal Poverty Level (FPL) |
|---|---|
| 1 | $12,140 |
| 2 | $16,460 |
| 3 | $20,780 |
| 4 | $25,100 |
- Income is based on your modified adjusted gross income (MAGI).
- Family size includes you, your spouse, and any dependents.
- You must enroll in a Silver plan on the Health Insurance Marketplace to use this credit.
What if my income changes during the year?
Your premium tax credit will be adjusted based on your new income.
Can I use this credit if I’m self-employed?
Yes, but you must subtract any business income and deductions from your total income.
IRS Publication 502 provides more information about the premium tax credit.