When you apply for coverage through the health insurance market, you can find out if you qualify for these savings. You may be eligible for a premium “tax credit” to reduce the cost of your monthly premium. It may also be eligible for the ‘cost-sharing reductions’ – discounts that reduce what you will pay out-of-pocket for medical care.
Get extra savings on health insurance with a Silver plan
Important! You can use a tax credit for the premium of a plan in the market in any “category”. But if you qualify, you will only receive cost-sharing reductions if you choose a Silver plan.
Why silver? If you qualify for the reduction of cost sharing, a silver level plan can be the best overall value. Even if your monthly premium is higher than other plan options, additional benefits could save you more in the future, such as:
Saving Money with a Silver Health Insurance Plan
You will have a deductible lower with a Silver plan. This means that the insurance company begins to pay its share of medical costs before. For example, a Silver plan can begin to pay after you pay $300 in medical services, compared to $750 if he enrolled in a plan of different category.
Co-payments or lower coinsurance
You will have co-payments or lower coinsurance – like $15 for visits to the doctor instead of $30 that can be paid with another type of plan. Total out-of-pocket costs may also be lower, if you need a lot of care in a year. So with a silver, the “total cost for his care” – plan when adding your premium, deductible and other direct out-of-pocket expenses – can be significantly less. This means that a large amount of money will be saved in general.