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Healthcare Savings

How You Can Pay Less


There are two new ways to help lower the cost of your health insurance plan on the Health Insurance Marketplace:


1. Payment Assistance on Premiums
2. Out-of-Pocket Payment Reductions

In some cases, you might be eligible for both.

Payment Assistance on Premiums (Subsidies)
This is also known as a Subsidy. And Subsidies are an amount of money, or tax credit from the government to help reduce your monthly premium amount.  In order to qualify for this assistance, you must make between 100% and 400% of the Federal Poverty Level.

The Federal Poverty Level is the set minimum income a family needs for food, clothing, transportation and shelter. The government decides this level. Check the 2019 levels on the Department of Health & Human Services website. The Federal Poverty Level range, as it pertains to subsidy eligibility, may change based on the state you live in.

People who can get health insurance through their employer or through public coverage, like Medicaid, cannot, in most cases, qualify for a subsidy.

Whether or not you are eligible for a subsidy depends on the size of your family and your annual income.


Out-of-Pocket Payment Reductions
Out-of-Pocket Payment Reductions are also known as Cost-Sharing Reductions. While subsidies make your monthly premium payments less expensive, these reductions lower the price of your out-of-pocket payments. These payments can include your copay, your coinsurance and your deductible.

Remember, Out-of-Pocket Payments Reductions are only available on Balanced Care (Silver) Health Insurance Marketplace plans.

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