Yes. Depending on your income level and the plan you purchase, you may be eligible for tax credits that apply every month to make your insurance cheaper and/or subsidies to lower your out-of-pocket costs when you get health care services. These tax credits are a new kind of advanceable tax credit that can be applied immediately to lower the cost of your monthly premiums … you don’t have to wait until tax time to get them! You can only use these tax credits for plans purchased through the new online Health Insurance Marketplaces.
See below for basic estimates, or check out this subsidy calculator from the Kaiser Family Foundation. The best way to see the amount of tax credits you’re eligible for is by submitting an application through the Marketplace—open enrollment in the Marketplace begins in October 1st!
If you’re an individual making between about $15,000 and $46,000 per year (or $31,000 to $94,000 for a family of four) and buy a plan through the new Health Insurance Marketplace, you may be eligible for a new kind of tax credit to lower the cost of your health plan. The tax credits can be applied up front to the amount you pay each month for your plan (the premium), so you won’t have to wait until tax time to see the savings.
If you make less than about $29,000 (or $59,000 for a family of four) and buy a “silver” level plan on the Marketplace, you may be eligible for cost-sharing assistance to help cover the out-of-pocket costs (co-pays, co-insurance, deductibles) that you pay in addition to your monthly premiums. The lower your income, the greater your reduction in out-of-pocket costs for medical services.
Note: If you’re an individual making less than $15,000 (or $31,000 for a family of four), you may be eligible for coverage under Medicaid in some states. Check out the Medicaid section for more detailed information.