2020 ACA Affordability Calculator
The 2020 ACA Affordability Calculator is an essential tool for understanding and navigating the complexities of healthcare costs in the United States. It’s crucial for individuals and families to understand their potential healthcare expenses to make informed decisions about their health insurance coverage.
- Enter your annual household income.
- Select your family size.
- Choose your state of residence.
- Click ‘Calculate’ to see your results.
The calculator uses the federal poverty level (FPL) and the cost of the second-lowest silver plan (SLSLP) in your state to determine your estimated healthcare costs. The formula is as follows:
Estimated Cost = (Income / FPL) * SLSLP – (Income – FPL) * 0.02
| Family Size | FPL |
|---|
| State | Average Silver Plan Cost |
|---|
- Shop around for plans. Prices can vary significantly between insurers.
- Consider a Health Savings Account (HSA) to save on taxes and healthcare costs.
- Check if you qualify for cost-sharing reductions (CSRs) to lower out-of-pocket costs.
What is the federal poverty level (FPL)?
The federal poverty level (FPL) is a measure of income issued by the U.S. Census Bureau. It varies by family size and is updated annually.
For more information, see the HealthCare.gov and the Office of the Assistant Secretary for Planning and Evaluation.