Financial help for health coverage
What’s available?
There are two types of government subsidies that lower the cost of health coverage for those who qualify:
- The Advanced Premium Tax Credit (APTC)—the government pays a portion of your monthly insurance premium
- Cost Sharing Reduction—each time you use health care services, the government helps pay a portion of your out-of-pocket costs
When you buy your health plan, applying for the subsidies will be part of the process.
Who is it for?
The subsidies are designed to assist people who don’t have access to affordable health insurance through their workplace but earn too much money to qualify for Medicaid.
Do I qualify for government savings?
You may qualify for one or both types of tax credits. It depends on:
- How your income compares to the federal poverty level
- Your family size
- Whether or not you have access to affordable health insurance from an employer or other source
There are other criteria, but the main factor is your income. Check the chart below for details.
- If your income falls within the first range, you may qualify for a premium tax credit.
- If your income fits into the second range, you may also qualify for the cost sharing.
BCBSND agents can help you determine your benefit amount, fill out the necessary forms and apply for coverage. The chart below outlines household income guidelines. Note that the criteria could change at any time.
If you do get a credit, you must report it on your taxes using a 1095 form.
