Your Source for Health Reform

Topic: Financial Assistance

Financial assistance is available to lower- and middle-income people buying plans on the Marketplace in the form of tax credits and cost-sharing reductions. People with income up to four times the federal poverty level can pay reduced premiums, and those with income below 250% can have lower out-of-pocket costs, such as deductibles and copays. About 80% of people enrolling in first round qualified for assistance.

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Cut the Cost of Health Insurance – Tax Credit Brochure

This 2013 brochure from Consumers Union provides simple examples that help you see if you qualify for the new tax credit and how to decide whether you want to take the credit in advance, or take it later and lower the amount you pay at tax time.

Help Is At Hand: New Health Insurance Tax Credits in Illinois

April 2013 Report by Families USA  which takes a closer look at the premium tax credits in Illinois, which will help Illinoisans with incomes up to four times the federal poverty level ($94,200 for a family of four in 2013) afford coverage.

Making Health Insurance Cost-Sharing Clear to Consumers

A Consumers Union study of consumers’ initial reactions to the new health insurance disclosure form found that they were able to use it to make hypothetical choices among health plans but also revealed a deep-seated confusion and lack of confidence with respect to health plan cost-sharing. (more…)

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