According to the government, four out of five customers can find coverage for $10 or less per month on HealthCare.gov, the federal insurance marketplace under the Affordable Care Act, after subsidies. The rewards vary, but the The situation is likely to be similar in many marketplaces operated by 18 states and Washington, D.C., Ms. Cox said.
“If you applied a few years ago and didn’t qualify,” she added, “it’s worth applying again.”
In general, you are eligible for market insurance if your job does not provide you with affordable coverage or you are not eligible for government health insurance programs such as Medicare and Medicaid.
According to a KFF analysis, unsubsidized monthly premiums — the “sticker price” — for a benchmark silver plan are rising an average of 4.5 percent due to inflation and increased use of health care services since the pandemic. (Plans are grouped by metal tiers and range from Bronze plans with low premiums but higher deductible costs to Gold and Platinum plans with higher premiums and lower deductible costs.) The average monthly premium KFF found that a benchmark silver plan for an individual is expected to cost around $477 and the average cheapest Bronze plan is expected to cost $364.
However, most marketplace customers don’t pay these sticker prices because tax credits reduce their monthly costs – in some cases to zero. Premium tax credits are based on a family’s size and income, as well as the cost of plans in the area. For 2024, people with incomes up to 150 percent of the federal poverty level — $21,870 for an individual or $45,000 for a family of four — will have a zero premium contribution for a silver benchmark plan.
At least for now, more middle-income people may also be eligible for subsidies. In the past, someone who earned more than four times the federal poverty level was not eligible for tax credits to reduce premiums. However, in 2021, the rules were temporarily adjusted to make the income limit less abrupt. Now premiums are capped at 8.5 percent of household income for people earning more than four times the poverty level ($120,000 for a family of four for the 2024 plan year).