Your total cost will be determined by the plan category that you choose. Four broad categories may be used to classify health insurance programs. They all provide the same ten fundamental advantages to one's health. The following are the four categories:

• Bronze: It has the lowest rates; however, it only covers sixty percent of your overall medical expenses. Choose this plan if you don't anticipate having a lot of out-of-pocket expenses for medical care.
• Silver: However, the premiums for this plan are greater than those for the bronze plan since it only pays for 70% of your eligible medical expenses.
• Gold: It covers 80% of your medical expenses but has much higher monthly payments than the Silver plan.
• Platinum: It covers ninety percent of your expenses yet has the highest possible monthly rates. If you suffer from an ongoing condition, choosing this plan is in your best interest.

Make Less Than $16,753

Expanded Medicaid eligibility requirements state that a person's income must be at or below 138% of the federal poverty threshold. That implies you won't have to pay anything for Obamacare. However, many states have chosen not to expand Medicaid. What follows is the process followed if your income falls within this range yet you are not eligible for Medicaid in your state. First, you won't have to worry about paying the tax since you don't have insurance.

Second, you are free from tax if your income is so little that you do not have to pay taxes because of it. Third, you still have the opportunity to apply for insurance via the marketplace. For a Silver Plan, your out-of-pocket costs won't exceed 2.06% of your annual salary.

Make Less Than $30,350

If your household income is less than 250% of the federal poverty threshold, the Silver Plan will cost you no more than 8.29% of your gross income. To put it another way, the amount of your subsidy equals the difference between the cost of the second lowest Silver Plan and 8.29% of your salary. To determine the appropriate amount, use the subsidy calculator on Healthcare.gov.

Make Less Than $48,560

If your household income is less than 400% of the federal poverty threshold, the Silver Plan will cost you no more than 9.78% of your gross income. To put it another way, the amount of your subsidy equals the difference between the cost of the second lowest Silver Plan and 9.78% of your salary.

Not Planning to or Didn't, Get Insurance

When you file your taxes for 2018, you will have to pay an additional income tax equal to 2.5 percent of your gross income that has been modified if you went more than three months without health insurance. A minimum flat tax of at least $695 per adult and $347.50 per kid, with a maximum of $2,085 per family, is required. It cannot be lower than this. It is not allowed to be more than the price of the bronze plan.

On the other hand, the Trump administration instructed the Internal Revenue Service to disregard this prerequisite and to forego collecting the tax. This tax was eliminated as of 2019, courtesy of the Tax Cuts and Jobs Act. Even though you are exempt from paying the tax, it is nevertheless recommended that you get some catastrophic insurance. For instance, the average cost of a trip to the emergency department is $1,389.

I Have Insurance

Your monthly premiums for health insurance have not changed. On the other hand, you may acquire better coverage via Obamacare at a lesser cost. Also, keep in mind that health insurance costs are increasing regardless of the Affordable Care Act. For years now, businesses have been shifting an increased portion of costs onto their workforce to maintain their profit margins.

The cost of medical treatment has been increasing at a rate of 3% to 4% per year on average, leading insurance firms to raise their rates to maintain their profit margins. Therefore, if you have seen an increase in the cost of your health insurance, you can expect that trend to continue for the reasons given above. It is not considered insurance to have vision care, a discount dental plan, a discount medical plan, or worker's compensation.

Insurance against catastrophic events is included in the definition of qualified insurance. However, you should evaluate it compared to a full-coverage plan offered via the exchange to see whether or not you can reduce the total cost of your health care. The only persons who qualify are those under 30 or who meet certain additional requirements.