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Do you know if you qualify for a subsidy?

It’s a known fact that health insurance is expensive. That’s why the government is offering financial assistance to those who are having difficulty affording the coverage they need to maintain their health.

Depending on your income level, there are two subsidies that can help you alleviate the high-cost of health insurance:

Cost-Sharing Reduction

Sharing the cost is always better than coughing up the full amount on your own, right?

That’s the idea behind the cost-sharing reduction. The goal of this subsidy is to reduce the amount you have to pay out-of-pocket for deductibles, coinsurance, and copayments. The amount of your reduction is based on your income.

To qualify for this reduction, you’ll need to:

  • Choose a Silver Plan from the Health Plan Categories
  • Get your health insurance through the Marketplace
  • Prove that your income is below a certain level

Note: You may also qualify for this subsidy if you are a member of a federally recognized tribe.

If your household income falls into ones of the ranges below, you could qualify for cost-sharing reduction:

  • $11,490 to $28,725 for individuals
  • $15,510 to $38,775 for a family of 2
  • $19,530 to $48,825 for a family of 3
  • $23,550 to $58,875 for a family of 4
  • $27,570 to $68,925 for a family of 5
  • $31,590 to $78,975 for a family of 6
  • $35,610 to $89,025 for a family of 7
  • $39,630 to $99,075 for a family of 8

The lower your income, the more you’ll save.

Advanced Premium Tax Credit

Want some help paying your monthly premium? If your income level makes the cut, you could qualify for a premium tax credit that can help reduce the payment you make to your insurer every month.

To qualify, your income needs to fall between the ranges below :

  • $11,670 to $46,680 for individuals
  • $15,730 to $62,920 for a family of 2
  • $19,790 to $79,160 for a family of 3
  • $23,850 to $95,400 for a family of 4
  • $27,910 to $111,640 for a family of 5
  • $31,970 to $127,880 for a family of 6
  • $36,040 to $144,120 for a family of 7
  • $40,090 to $160,360 for a family of 8

The lower your income, the bigger your tax credit will be. And here’s the best part: You don’t have to wait until you receive your tax return to use the credit. In essence, you’ll get an “advance” on your tax credit, which you could then apply to your monthly premium. (If you prefer, you could also wait to receive the tax credit on your year-end tax return).

Keep in mind, however, that the amount of your tax credit could increase or decrease depending on life events – like having a baby, changing jobs, marriage, etc.

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