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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, but you determine the type of plan that’s right for you and your wallet.

  • 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 .

The ACA requires all plans offered include 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 .

  • : There is a you may be able to use right away to lower your monthly costs.
    • The federal government will send the tax credit directly to your insurance company. This money covers some or your entire monthly .
    • Financial assistance depends on your income and family size. You can calculate whether you are eligible for a tax credit before you enroll in a plan.
      • Individuals: A single person earning between $11,670 and $46,680 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 $23,850 and $95,400 will qualify.
  • Extra help: If your household income is in a certain range - between 100 percent and 250 percent of the which is $11,670 and $29,175 for individuals and between $23,850 and $59,625 for a family of four (adjusts based on family size - you may be able to get extra help paying such as and . These are the 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.
    • CHIP provides coverage for children so that they will be able to get routine checkups, dental care, and immunizations to keep them healthy. They will also get physician visits, prescription.
    • Medicaid offers $0 or low cost coverage for your healthcare needs based on income level and family size.

You can buy insurance through , from your local insurance broker or directly from an insurance company, but the tax credits to help pay for insurance are available only if you purchase through .

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

In collaboration with the Idaho Library Association. For more information on Blue Cross of Idaho's products, visit bcidaho.com or call 888-462-7677.