What If You Can’t Afford A Health Plan?

Shopping for health insurance can spark a few questions. Cost is always a big one. Wondering if you can afford it? You're not alone. As you check your options, remember there are resources that may help you pay for coverage.

Health Plan Prices

You have choices when choosing health coverage under the Affordable Care Act. Based on your income, family size and health plan, you may qualify for federal financial assistance. This could help lower your monthly payment. When you’re ready to enroll, you’ll have a variety of plans to choose from that fit your budget and needs. You'll also be able to see what your health insurance plan will cost before you make a final decision.

Help Is Here

There are two ways you may be able to get help paying for coverage.

• A premium tax credit, also called a subsidy, helps eligible people pay for their premiums (the monthly cost of coverage). If you’re eligible, the credit can be paid in advance directly to your insurance company to lower your premium each month. Check the subsidy calculator  to see if your income qualifies you for a tax credit.
• Cost-sharing assistance may also be available If you qualify for a premium tax credit and your income is below a certain level. Cost-sharing assistance helps lower your out of pocket costs for doctor's visits, medical procedures and tests. Depending on how much money you make, your health insurance may pay a greater part of health care costs, reducing the amount you pay out-of-pocket.

Sign Up for Health Insurance

Open enrollment for 2024 coverage begins Nov. 1 and ends Jan. 15, 2024. The deadline to sign up for a plan that begins on Jan. 1, 2024, is Dec. 15. If you miss open enrollment, you'll have to wait for the next open enrollment period or qualify for a special enrollment period.

Original Publish Date: 12/24/2014; Revised 2020, 2021, 2022, 2023