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health insurance subsidy

Are you Eligible for Health Insurance Subsidy?

Getting federal financial assistance, also known as federal aid, depends on your household size and income. If you qualify, you may be able to get a health plan at a lower cost. These are qualified health plans that come with financial help from the federal government. Here are some key things to know about federal aid:

Depending on your household size and income, you may qualify for this assistance.

  • People age 26 and older, even students, who file their own federal taxes, may be able to get both types of aid.
  • People who don’t have a job and don’t have COBRA coverage may also be able to get one or both types of aid.
  • Native Americans and Alaskan natives may also be able to get help with their Marketplace or Tribal health plan.

Two types of financial assistance

There are two ways you may be able to help save money on your health care plan costs. One way is by getting a premium tax credit. The other is by getting a cost sharing reduction (CSR). Premium tax credits and cost sharing reductions are types of federal financial assistance given to people who qualify in order to help make health insurance more affordable.

Premium tax credits lower your health care premiums

Premium tax credits lower your monthly health care plan premiums. If you qualify, you have two choices for the way you use this aid. After you sign up for your qualified health plan, you can have the federal government pay the tax credit right to the insurance carrier each month. This lowers the monthly premium amount you pay. Your other choice is to get a tax credit when you file your federal income taxes. This means you pay the full amount of your insurance premium each month. Then you get the total credit after you file your taxes. You can use the premium tax credit toward any qualified health plan on the Marketplace.

Cost sharing reductions lower your other costs

Cost sharing reductions lower the amount you have to pay out of pocket when you get care, costs like deductibles, copayments and coinsurance. To take advantage of these savings, you must qualify and enroll in a Marketplace Silver qualified health plan. There is no option to get cost sharing reductions by filing a year-end tax return. If you qualify for this type of aid, you pay less out of pocket for things like deductibles, copayments, and coinsurance when you get care.

Find out if you can are eligible to receive federal aid.

Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.

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2024