Are financial savings available?
Yes, and most New Jerseyans who have enrolled in a plan on HealthCare.gov have been eligible for at least one of the two forms of financial assistance, depending on their household size and estimated household income.
Many New Jerseyans will be eligible for a premium tax credit, which lowers the “sticker price” of coverage. In fact, last year nearly 80 percent of New Jerseyans who selected a marketplace plan received an average tax credit of $442 a month, lowering the average monthly premium to $157. Families who earn up to 400 percent of the federal poverty level ($48,560 for an individual and $100,400 for a family of four) are eligible for a premium tax credit.
You may also be eligible for a cost sharing reduction, which lowers your out-of-pocket costs, like deductibles and co-pays. Last year, more than 50 percent of New Jerseyans who selected a marketplace plan received this financial assistance. Cost sharing reductions are only available if you enroll in a “silver” plan on HealthCare.gov. Families who earn up to 250 percent of the federal poverty level ($30,350 for an individual and $62,700 for a family of four) and who enroll in a silver plan on the marketplace are eligible for a cost sharing reduction.
To see if you may be eligible for one or more forms of financial assistance, you can use HealthCare.gov’s “window shopping” tool, which lets you browse plans and estimate your financial assistance without logging in or filling out an application.
*Please note that while the Administration has taken actions that may increase the “sticker price” of coverage in many areas, most people will still be able to enroll in an affordable plan because of the financial assistance offered on HealthCare.gov. Premium tax credits increase as the price of the premium increases, so eligible enrollees will not have to pay more for coverage. And if you qualify for a cost sharing reduction, insurance companies are still required to help you with your out-of-pocket costs. To determine what your specific costs on the marketplace will be, visit HealthCare.gov.*