There are two different meanings for the term benchmark plan – and both have to do with the Affordable Care Act: Benchmark plan is the term used to describe the second-lowest-cost Silver plan (SLCSP) available in the exchange/Marketplace, and it’s also the term for the plan that each state designates as the standard for essential health benefits (EHBs).| healthinsurance.org
Under the Affordable Care Act, eligibility for Medicaid, premium subsidies, and cost-sharing reductions is based on modified adjusted gross income (MAGI). But the calculation for that is specific to the ACA – it's not the same as the MAGI that's used for other tax purposes| healthinsurance.org
From 2015 through 2021, the IRS did make an annual change — usually quite small — to the percentage of income that you have to pay for self-purchased (individual/family) health coverage. But there’s a lot more to it than just the percentage of income that the IRS says you have to pay for the benchmark plan.| healthinsurance.org
Learn how the Affordable Care Act (Obamacare) improved health coverage and made it more affordable through income-based subsidies.| healthinsurance.org
Find out if you qualify for lower costs on Marketplace health insurance coverage at HealthCare.gov.| HealthCare.gov