4/16/2023 0 Comments Mass health calculatorIf NO, insurance IS affordable to the rest of the household.If YES, insurance IS NOT affordable to the rest of the household.Note: If you do not know this information, One way to get this information is by asking your employer to fill out the Employer-sponsored Health Insurance Affordability Worksheet. Write down the lowest-cost monthly premium for the plan that offers coverage to the rest of the family $_ If NO, insurance IS affordable to the employee.If YES, insurance IS NOT affordable to the employee.Is this amount more than 9.12% of your income in Section B? Note: If you do not know this information, One way to get this information is by asking your employer to fill out the Employer-sponsored Health Insurance Affordability Worksheet. This is 9.12% of your estimated monthly income for next yearĬ. Write down the lowest-cost monthly premium for employee-only coverage $_ Take the Modified Adjusted Gross Income you estimated and multiply it by 0.0912 Find out what 9.12% of your monthly household income is 1. This is your estimated Modified Adjusted Gross Income for the year.ī. Write down any foreign earned income from IRS Form 2555 Line 43, 46, or 47, whichever applies to you (Note: most people will not have this income.)Īdd up the amounts you wrote down in Number 1, Number 2, Number 5, and Number 6 Subtract the taxable Social Security in Number 4 (above) from the total Social Security in Number 3 (above) and write down the difference Write down your taxable Social Security in Line 5b. Write down your total Social Security benefits in Line 5a Write down tax-exempt interest from Line 2a. If you filed IRS Form 1040, write down Adjusted Gross Income from Line 8b. If you believe your household’s income will be similar to what it was on your last tax return, you can use that return as a tool. If you are not sure what your projected household Modified Adjusted Gross Income will be, here is how you can estimate it: Determine your household’s Modified Adjusted Gross Income for 2023 Earlier in the online application, you estimated your household’s annual income. The following steps will help you determine if the plan is affordable:Ī. If other family members could enroll in the employer’s plan, they should use the lowest cost premium for the plan that covers them all. The family member who works for the employer offering coverage should use the lowest cost premium for coverage to cover just the employee. Under the Affordable Care Act (ACA), your employer’s plan is considered affordable in 2023 if the lowest-cost plan costs less than 9.12% of your household’s income.
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