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Financial Assistance

To help with compliance under the individual mandate to purchase health insurance, a significant number of Americans are eligible for financial assistance through the Affordable Care Act. Consumers can learn about the assistance they qualify for so they can receive the greatest financial help toward buying health insurance coverage. Use the subsidy calculator, developed by the Kaiser Family Foundation, to help learn about the amount of assistance you may be eligible to receive.

Assistance for Lower Out-of-Pocket Costs

When you obtain coverage through a health insurance marketplace, you may qualify for lower out-of-pocket costs, such as deductibles, copayments, and coinsurance. These savings, through the marketplace cost-sharing reduction, are based on your income and family size. Health insurance companies offering coverage through a marketplace must lower the amount you pay out-of-pocket if your household income is below the following amounts:

  • Up to $28,725 for individuals
  • Up to $38,775 for a family of two
  • Up to $48,825 for a family of three
  • Up to $58,875 for a family of four
  • Up to $68,925 for a family of five
  • Up to $78,975 for a family of six
  • Up to $89,025 for a family of seven
  • Up to $99,075 for a family of eight

Assistance for Lower Costs on Monthly Premiums

When you obtain health insurance coverage through a marketplace, you may also be able to get lower costs on monthly premiums. You will see the amount of savings you are eligible for when you fill out your  application. These lower costs are handled with a tax credit that can be applied directly to your monthly premiums, so you receive the lower costs immediately. The amount you save depends on your family size and income. In general, if your income falls within the following ranges, you will qualify to save money on your premiums.

  • $11,490 to $45,960 for individuals
  • $15,510 to $62,040 for a family of two
  • $19,530 to $78,120 for a family of three
  • $23,550 to $94,200 for a family of four
  • $27,570 to $110,280 for a family of five
  • $31,590 to $126,360 for a family of six
  • $35,610 to $142,440 for a family of seven
  • $39,630 to $158,520 for a family of eight

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