2018 Health Insurance Marketplace Calculator
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Reviewed by Calculator Editorial Team
The 2018 Health Insurance Marketplace Calculator helps you estimate your monthly premium costs based on your household income, family size, and location. This tool uses the 2018 premium tax credit rules to provide an accurate estimate of what you might pay for health insurance through the marketplace.
How the 2018 Health Insurance Marketplace Calculator Works
The Affordable Care Act established the Health Insurance Marketplace as a way for individuals and families to purchase health insurance with financial assistance. The 2018 marketplace used a sliding scale of premium tax credits based on household income and family size.
Key Formula Elements
The calculator uses these key inputs to determine your estimated premium:
- Household income (annual)
- Number of people in your household
- Your location (state)
The formula calculates your estimated premium by:
- Determining your income level relative to the federal poverty level
- Applying the appropriate premium tax credit percentage
- Calculating the subsidy amount
- Estimating your monthly premium based on the subsidy
The calculator uses the 2018 premium tax credit tables published by the Centers for Medicare & Medicaid Services (CMS). These tables show the percentage of income that qualifies for a subsidy based on household size and income level.
How to Use This Calculator
Using the calculator is simple:
- Enter your household income in the "Annual Household Income" field
- Select the number of people in your household from the dropdown
- Select your state from the location dropdown
- Click "Calculate" to see your estimated premium
Note: This calculator provides an estimate based on 2018 marketplace rules. Actual premiums may vary based on your specific situation and the insurance plans you choose.
Formula and Assumptions
The calculator uses the following formula to estimate your premium:
Estimated Premium = (Average Marketplace Premium × (1 - Subsidy Percentage))
Where:
- Average Marketplace Premium is based on 2018 data for your state
- Subsidy Percentage is determined by your income level and household size
The calculator makes the following assumptions:
- You are purchasing a Silver plan (the benchmark plan in the marketplace)
- Your income has not changed significantly since 2018
- You are not eligible for other forms of financial assistance
Worked Example
Let's look at an example calculation for a household in California with an annual income of $45,000 and 3 people.
| Step | Calculation |
|---|---|
| 1. Determine income level | $45,000 is 225% of the federal poverty level for 3 people |
| 2. Find subsidy percentage | For 3 people at 225% of poverty, subsidy is 65% |
| 3. Get average marketplace premium | For California, average Silver plan premium is $320/month |
| 4. Calculate estimated premium | $320 × (1 - 0.65) = $91.20/month |
In this example, the estimated premium would be $91.20 per month after applying the 65% subsidy.