Absolutely, depending on your income. There are tax credits that reduce the cost of your monthly insurance premium. The amount you receive is based on your income, so the less money you make every year, the less you pay for your coverage. To get this assistance, you must apply through the Marketplace and meet the following requirements:
- You are a citizen or legal resident.
- Your annual income is between $15,282 and $45,960 for an individual (or between $31,322 and $94,200 for a family of four).
- You are not eligible for public insurance such as Medicaid, the Children’s Health Insurance Program (CHIP), Medicare, or TRICARE.
- You do not have an offer of coverage through your employer (unless your employer’s coverage lacks important benefits or is too expensive – your employer can tell you whether the plan it offers meets these criteria).
You might also qualify for cost-sharing reductions to help pay your out-of-pocket costs (like deductibles, copayments, and coinsurance). To be eligible, you must earn an annual income up to $28,725 for an individual (or $58,875 for a family of four) AND select a plan at the “silver” level.