We all want to save money, especially on Health Insurance. The Health Insurance Marketplace has two ways to save money.
Ways to save on health insurance costs
There are two ways to save on the cost of health insurance:
Premium Tax Credits – Marketplace plans have set premiums. You can qualify for a discounted premium based on your income. The lower your income the more you save. This savings is called a Subsidy.
Cost Sharing Reductions – If you qualify for Cost Sharing Reductions and choose a Silver Plan, you may pay less for doctor visits, deductible and maximum out of pocket costs.
Find out if you will qualify for Premium Tax Credits and Cost Share Reductions. Here are a few questions that are used to qualify you for the most savings on your Health Insurance:
1. How many people are in your household? Include yourself, your spouse (if married) and anyone you’ll claim as a dependent on your tax return – even if they don’t need coverage.
2. How much income will your household make this year? You could start with your adjusted gross income (Tax Form 1040, line 11) and update it for expected changes for the year you want coverage.
3. Find out if you qualify for a Special Enrollment Period. November 1- January 15th is Open Enrollment for the Health Insurance Marketplace. Outside of Open Enrollment those applying must have a Special Enrollment Period to be able to apply.
Talk to a licensed agent or broker to find out if you qualify for a Premium Tax Credit or Cost Share Reduction to make your health insurance affordable.
This article is for information only and should not be considered a recommendation. Talk with a licensed Health Insurance Professional about your specific circumstances. For more information you can go to The Texas Department of Insurance.
