Question: My 2012 1040 had an adjusted gross of $57,000. I have just started getting social security at 62. I did the calculator on the covered California site and it seems to indicate that at $57,000 I would pay $458/month for myself and my wife (age 60) With my added social security bringing my income to $70K my payment would jump almost 400% to $1600/month. I hope I am making some fundamental error here.
Answer: No you did not make a fundamental error, but the difference between subsidized and non-subsidized premiums will not be nearly as high as the calculator indicated. The calculators used projected rates which turned out to be much higher than the rates just announced. The new rates need be loaded into the calculator.