Your Insurance Choices in a Marketplace: FAQ
How can I get help paying for my insurance?
There are two ways you may be able to get help.
First, there is a tax credit that is based on two things:
- Your income. In 2015, single people can make up to about $46,680 a year to qualify. A family of four can make up to $95,400 a year to qualify.
- How many people are in your family
A second kind of financial help is called a cost-sharing subsidy. This subsidy is determined based on a sliding scale to help reduce how much you have to pay each time you get health care. If you qualify, you'll have lower deductibles, copays, and coinsurance.
For this help, single people can earn between $11,670 and $29,175 a year. A family of four can make up between $23,850 and $59,625 a year. To be eligible for a cost-sharing subsidy, you have to enroll in a silver-level plan.
Will I get a larger tax credit if I pick a platinum plan?
No. If you buy insurance through a Marketplace, you may qualify for a tax credit that will help lower the cost of your premiums. But you won't get a larger credit for a higher level of coverage. Subsidies are tied to the second lowest cost silver plan sold in your market.
How will I know if a plan is right for me?
Your state's Marketplace should offer a number of tools and resources to help you make your choice. For instance:
- Ratings for each health plan based on its price and quality may be available, though it won't be in all Marketplaces.
- A cost-calculating tool may also be available so you can see just how much your coverage in a specific plan will cost after any premium tax credit and cost-sharing subsidy has been applied.
- A toll-free phone hotline should be available so you can call for more help.