Is your health insurance affordable?

What options do you have when health insurance becomes unaffordable? Sometimes, employer or private health insurance is not affordable based on an individual or family income. There are several ways to approach making your insurance premium affordable.

First, with an individual plan, you can apply for a tax credit. Your Health Idaho is the only platform that allows you to determine eligibility for and to apply the Advanced Premium Tax Credit (APTC) to reduce your monthly insurance premiums. This is available for individuals who meet certain income requirements based on household size. A Tax Credit Calculator is available on yourhealthidaho.org.

Employers may offer health coverage that could disqualify individuals and families from being eligible for a tax credit (APTC). However, if the cost of the insurance premiums exceeds a certain percentage of the household annual income, the coverage option is determined “unaffordable.” The household could be then able to receive a tax credit (APTC). Check out this Employer Affordability Tool on yourhealthidaho.org.

For folks on Medicare, who are NOT using Your Health Idaho for insurance, Medicare Savings Programs help low-income individuals and couples reduce costs. If eligible, this provides options that can reduce your Part B premium, prescription drug costs, and copays. There are also monthly credits available on some Medicare Advantage plans to offset Part B premiums. Reach out to us for more information!