Health Insurance Marketplace Subsidies: Who Qualifies and What You Get
Learn how premium tax credits can lower your monthly health insurance costs based on your income level.
This program provides financial assistance to help people pay for health insurance through the official marketplace.
Who it's for
This scheme is available to individuals whose income falls between 100% and 400% of the federal poverty level.
What you get
You receive premium tax credits, which are amounts used to reduce the cost of your monthly health insurance premiums.
What it costs you
There is no direct fee to access this assistance, but you are required to complete an application every year during the Open Enrollment period.
The catch to know
If your income changes during the year, you must update your information with the Marketplace. If you do not, you may face a tax reconciliation, which means you might have to pay back some or all of the subsidy when you file your taxes.
How to apply
- Visit the official health insurance portal.
- Complete the application with your current income details.
- Review the available plans and the subsidy amount you qualify for.
- Select a plan and enroll.