Yes, it is possible to receive both premium tax credits and cost-sharing subsidies, provided you meet the eligibility criteria for both. To qualify, you must have a household income between 100% and 400% of the federal poverty level for premium tax credits and between 100% and 250% of the federal…
Cost-Sharing Subsidies
Cost Sharing Subsidies reduce out-of-pocket expenses like deductibles and copayments for individuals who purchase a silver-level plan. Unfortunately, these cost-sharing reductions are not available to employees who sign up for coverage under a small or large group health plan.
How do cost-sharing subsidies differ from premium tax credits?
Cost-sharing subsidies and premium tax credits are two different types of financial assistance offered through the Health Insurance Marketplace, but they serve different purposes. Premium tax credits help lower the cost of your monthly health insurance premiums based on your income. In contrast, cost-sharing subsidies reduce your out-of-pocket costs when…
What are cost-sharing subsidies and who is eligible for them?
Cost-sharing subsidies, also known as cost-sharing reductions (CSRs), are a type of financial assistance designed to reduce the out-of-pocket costs for healthcare services for eligible individuals. These subsidies are available to people who enroll in Silver plans through the Health Insurance Marketplace and have a household income between 100% and…