What determines how much I have to pay for coverage?
There are a number of different factors that determine the cost of a health insurance plan and the costs of your care.
Health insurance plans vary based on the level of coverage they provide. The cost will be based on the type of health insurance plan you determine is right for you.
- Generally speaking, if you have a larger you will pay a lower monthly ; but, you may have more up front before your insurance kicks in.
- Alternatively, if you have a smaller , you generally will pay a higher monthly ; but, you may have lower up front and insurance will kick in sooner.
- If you have a higher monthly , you may pay a lower .
- If you have a lower monthly , you may pay a higher .
Starting in 2014, all plans offered to individuals must offer a . There will be some difference in based on age, but your gender, health status, pregnancy, or disability will not change the cost of your insurance.
You have options for finding health insurance that fits the unique needs of you and your family.
Get a break on costs
Depending on your income, you may be eligible for help paying your health insurance .
: Starting in 2014, there will be a new you may be able to use right away to lower your monthly costs.
- The federal government will send that money directly to your insurance company. This financial help will lower your monthly insurance .
How much this financial help will be depends on your income and family size. You will be able to calculate whether you are eligible for a tax credit before you enroll in a plan.
- Individuals: A single person earning between $11,490 and $45,960 will qualify.
- Families: The amount of income you can have and still qualify varies according to the size of your family. As an example, a family of four with household income between $23,550 and $94,200 will qualify.
- Extra help: If your household income is in a certain range - between 100 percent and 250 percent of the which is $11,490 and $28,725 for individuals and between $23,550 and $58,875 for a family of four (adjusts based on family size - you may be able to get extra help paying such as and . These are known as cost sharing subsidies.
- Options for families: There will be help for working families through programs like the Children’s Health Insurance Program (CHIP) and Medicaid.
You’ll be able to buy insurance through or directly from an insurance company, but the tax credits in the law to help pay for insurance will be available only if you purchase through the .
To find out more about how you qualify for a break on costs, go to our tax credit eligibility calculator.
To read more on understanding insurance costs, go to http://www.healthcare.gov/using-insurance/understanding/costs/index.html
Get answers to your health insurance questions
When enrollment through Your Health Idaho starts in October 2013, individuals and families may be eligible for a new kind of tax credit to lower what they pay for their monthly health plan premiums. The premium tax credit will be paid in advance to your insurance company to help cover the cost of premiums, helping make insurance more affordable.
You'll be able to buy insurance through Your Health Idaho or from an insurance company, but the tax credits to help pay for insurance will be available only if you purchase through Your Health Idaho.