Cost-Sharing Reductions can help offset the amount you pay out-of-pocket when using medical services or receiving health care. Out-of-pocket costs may include deductibles, coinsurance, and copays.
Unlike the Premium Tax Credit, which lowers the costs of your monthly insurance rate, Cost-Sharing Reductions are a government subsidy that helps you afford out-of-pocket costs. You may qualify for both types of government help if you enroll in a Silver plan, and your income falls within a certain range.
To qualify for Cost Sharing Reductions, you must choose a Silver plan, and your income must be at or below 2.5x the Federal Poverty Line. You may qualify if your income falls within the following ranges:
Generally speaking, the lower your income, the more help you will get from the government to pay for your insurance premiums through the form of a subsidy . In other words, those with lower incomes receive a higher Premium Tax Credit. If your income falls below the levels described above, you may be eligible for Medicaid depending on the state you live in. Check with the Federal Health Insurance Marketplace or your state’s exchange to learn more.
To see if you qualify for Cost-Sharing Reductions, and to compare Silver plans, please submit your zip code. You can also call (877) 935-9291 to speak with an agent.