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Can I get an Obamacare subsidy for 2018 coverage?

Open Enrollment for 2017-2018 health insurance coverage will start on November 1, lasting through December 15, 2017. One of the key features of Obamacare is the opportunity for eligible Americans to access lower costs.

But with the changing landscape of the health care industry, are lower costs still available? And if so, how can you access these lower costs when enrolling in coverage?


Start By Understanding the Basics

Since Obamacare – or the Affordable Care Act – became law in 2010, it has provided low-income Americans with the opportunity to access more affordable coverage.

But how exactly has Obamacare done this? The health law offers tax subsidies and cost-sharing reductions to millions of eligible Americans.

Tax subsidies – or Advanced Premium Tax Credits – help individuals and families better afford their health plan monthly payments. Last year, 85 percent of enrollees qualified for a tax credit to help lower the cost of their coverage.

Cost-sharing reductions were designed to compensate health insurers, so they could then make health plans more affordable for consumers. Specifically, cost-sharing reductions help health insurers lower out-of-pockets costs, plus copays and deductibles. In 2017, more than 7 million consumers who chose a marketplace plan qualified for cost-sharing reductions.


How Do I Know If I’m Eligible for a Tax Subsidy?

Eligibility depends on a few different factors. First, you must enroll in a qualifying health plan through the marketplace. Tax subsidies are not available for employer-sponsored coverage or other types of health insurance.

Other factors, like household income, size, and citizenship, will help determine whether or not you qualify for a tax subsidy. If you’re looking for help determining your eligibility, a GoHealth licensed insurance agent will be able to help.


Will I Still Be Able to Access Lower Costs This Year?

Cost-sharing plans and tax subsidies will be available to eligible Americans again this year. If you have been eligible for lower costs in the past, or if you anticipate being eligible this year, be sure to work with your licensed insurance agent to find a plan that works for your budget.


How Can GoHealth Help Me Find the Most Affordable Coverage?

GoHealth’s licensed insurance agents can help you find the most affordable plan available. That may mean finding you a marketplace plan with a tax subsidy, or that may mean finding a different type of coverage that makes more sense for your budget.

And remember: Open Enrollment starts November 1, so now is the time to evaluate your budget and consider your coverage options. As always, GoHealth licensed agents are standing by to help. Call 866-909-0798 if you have questions or want to start the enrollment process.

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