Can’t Buy Health Insurance? You May Still Qualify for Affordable Coverage
Have you been putting off buying health insurance because you think it’s too expensive? Don’t give up hope. Even if you don’t qualify for a premium tax credit, you may still be able to get affordable coverage through a special program called the Cost-Sharing Reduction (CSR) program.
What is the CSR program?
The CSR program helps low- and moderate-income families and individuals lower their out-of-pocket costs for health care. The program provides subsidies to help pay for deductibles, copayments, and coinsurance.
Who is eligible for the CSR program?
To be eligible for the CSR program, you must meet the following requirements:
You must have a household income that is between 100% and 250% of the federal poverty level (FPL).
You must be enrolled in a silver-level health plan through the Health Insurance Marketplace.
How do I apply for the CSR program?
You can apply for the CSR program when you enroll in a health plan through the Health Insurance Marketplace. You will need to provide information about your household income and family size.
How much will I save with the CSR program?
The amount you save with the CSR program will vary depending on your income and family size. However, you could save hundreds or even thousands of dollars per year.
Example:
Let’s say you have a household income of $25,000 and you are enrolled in a silver-level health plan with a deductible of $2,000. Without the CSR program, you would have to pay the full $2,000 deductible before your insurance would start to cover your costs. However, with the CSR program, you would only have to pay $500 of the deductible. This could save you $1,500 per year.
What are the benefits of the CSR program?
The CSR program can help you:
Lower your out-of-pocket costs for health care
Make health insurance more affordable
Get the coverage you need to protect your health and your family’s health
If you think you may be eligible for the CSR program, I encourage you to apply when you enroll in a health plan through the Health Insurance Marketplace. You could save hundreds or even thousands of dollars per year on your health insurance costs.
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