There are two types of financial assistance available to marketplace enrollees. The first, called the premium tax credit, works to reduce your monthly payments for insurance coverage. The second, referred to as cost-sharing reductions, is designed to reduce your out-of-pocket costs when utilizing care. In order to receive either type of financial assistance, qualifying individuals and families must enroll in a plan offered through the health insurance Marketplace.
Eligibility:
- Premium tax credit: Have a household income from one to four times the Federal Poverty Level (FPL)
- Cost-sharing reduction: Have a household income from one to 2.5 times the Federal Poverty Level (FPL) & choose a Silver level plan
- Do not have access to affordable coverage through an employer (including a family member’s employer)
- Not eligible for coverage through Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), or other forms of public assistance
- Have U.S. citizenship or proof of legal residency (Lawfully present immigrants whose household income is below 100 percent FPL and are not otherwise eligible for Medicaid are eligible for tax subsidies through the Marketplace if they meet all other eligibility requirements.)
- If married, must file taxes jointly in order to qualify