MOUNTAIN VIEW, Calif., Jan. 9, 2017 /PRNewswire/ — GetInsured, a leading innovator in consumer health insurance marketplace technology, today launched an online health insurance cost estimator that enables users to quickly compare net premiums after tax credits in local markets under the Affordable Care Act (ACA) with those proposed under the Empowering Patients First Act, an alternative Republican plan.
“As 2017 begins, there are a tremendous number of questions that Americans have about their health insurance subsidies and how they would compare with the proposed new tax credits,” said Chini Krishnan, GetInsured co-founder and CEO. “We’re launching this tool to help people quickly answer the ultimate question on so many minds: Will my net health insurance premiums go up or down under the new administration’s plan?”
The “Repeal and Replace” Calculator is the first tool of its kind that anyone can use to see the financial impact of a tax credit proposal under consideration. Under HHS Secretary-Designate Dr. Tom Price’s plan, the current tax credit system would be replaced with an age-based calculation per applicant, whereas the ACA model factors in income, household size and zip code.
How It Works
GetInsured works with leading health insurers to offer plans nationwide. This extensive database of real health plans available today is used to determine plan availability and price down to the county level in the Repeal and Replace Calculator. To estimate insurance premium costs, simply enter your zip code, income, age and family size, then click the “calculate and compare” button. By comparing the subsidies a consumer will receive for the second lowest cost silver plan, the estimator helps to reveal who will gain and who will lose money under the new proposal. For example:
- A 60-year-old man living in Rose Hill, N.C., (zip code 27104) with the county median income of $16,693, will see his monthly net cost rise $801 under the proposal:
|
ACA |
Repeal & Replace |
|
|
Monthly Premium |
$1,099 |
$1,099 |
|
Monthly Subsidy |
-$1,051 |
-$250 |
|
Monthly Net Cost |
$48 |
$849 |
- A 35-year-old woman living in Santa Fe, N.M., (zip code 87501) with the county median income of $52,696, who currently faces a monthly premium of $230 under the ACA, would see her monthly cost drop by $175 under the Republican plan:
|
ACA |
Repeal & Replace |
|
|
Monthly Premium |
$230 |
$230 |
|
Monthly Subsidy |
-$0 |
-$175 |
|
Monthly Net Cost |
$230 |
$55 |
“As our healthcare policy discussions progress, we intend to continue evolving this calculator to help consumers understand their tradeoffs on a personalized basis,” continued Krishnan. “We welcome any feedback and input from consumer and industry advocates as well as policymakers to help illustrate what’s at stake for consumers in the healthcare policy choices being debated.”
About GetInsured
GetInsured is a cloud-based health insurance marketplace platform that combines modern technology and customer service capabilities to make health insurance shopping easy and efficient for individuals, groups and Medicare recipients. Since 2005, GetInsured has helped millions of consumers find the right health plan for their needs and budgets. Approved by the federal government to enroll Americans in subsidized health insurance plans, GetInsured also provides state governments and employers with SaaS-based technology solutions for public and private health insurance marketplaces. The company’s platform has been recognized as best in class by Forrester, Celent, Aite Group and the Webby Awards. For more information, please visit www.GetInsured.com.
SOURCE GetInsured