You may qualify for Premium Tax Credits and Cost Sharing Reductions to help lower your monthly health insurance premiums for ACA Marketplace plans.
Premium Tax Credits
You can qualify based on:
- Your family/household size
- Where you live
- Your family/household estimated annual income
- Receive/deduct your premium tax credit right away, each month when your premium is due
- Wait to get your premium tax credit when you file your taxes/tax refund
When your income changes, so does your premium tax credit
If your income or the number of people in your family/household changes, your premium tax credit will probably change too. So, report any changes to the ACA Marketplace as soon as possible.
Cost Sharing Reductions
Cost sharing reductions, also known as healthcare discounts, is financial help applied automatically when you go to the doctor or fill a prescription.
They will also lower your:
- Out-of-pocket maximum
- Copays for seeing a doctor
- Copays for drugs
- Coinsurance for hospitalization