How to Qualify for More Health Insurance Savings
Health coverage may seem expensive, but it doesn’t have to be. Based on factors like your income, you may qualify for tax credits, which are government subsidies for health insurance — in particular, the advanced premium tax credit, which lowers the amount you have to pay for insurance every month.
How the advanced premium tax credit works
When you apply for health insurance, you’re asked to estimate your income for the year. It’s important to calculate your income as accurately as possible, because this number helps determine if you are eligible for an advanced premium tax credit and, if you are, how much you’ll save. This tax credit is money the government will put toward your monthly health insurance payments.
But what if you don’t estimate your income correctly and miss out on savings? Don’t worry — typically, the government gives you a refund at tax time if you make less money than you predicted. If you anticipate your income changing, you’re also allowed to update your application during the year in order to start paying a lower plan price right away.
How to estimate your income
Remember, getting the most savings possible from the advanced premium tax credit depends on accurately calculating your income. Here’s a printable worksheet to help you do it.
How to see if you qualify for a new subsidy amount
Once you’ve estimated your updated income, you can see if you qualify for bigger health insurance savings.
If you DON’T currently have health insurance
Open Enrollment for health insurance is the one time of year anyone can get coverage, and it runs from Nov. 1 to Jan. 15 in most states. This is the perfect time to use your updated income to see if you qualify for more savings through the advanced premium tax credit. You may also qualify to get health insurance outside of the Open Enrollment window if you experience a big life change, like getting married or having a baby.
Finding the right coverage and making sure you get the most savings possible can feel overwhelming, though. That’s where Stride comes in: Our customizable shopping tool finds you the best plans for your unique needs — all in five minutes or less. Enter your ZIP code below to get your personalized plan recommendations.
If you DO currently have health insurance
When your income changes, you should update your health insurance account as soon as possible. This allows the government to adjust the price of your plan accordingly so you can start saving money as soon as the following month. If you got your coverage through Stride, all you have to do is log in into your Stride account and select “Update Application.” You’ll be able to add your new income in just a few simple steps!
You also have the opportunity to find a new plan at a better price during Open Enrollment. Your income can change from year to year, and so can your health needs, family size, and more — it only makes sense that your insurance plan should change too better address your latest needs. Unlike the confusing government sites you may have used in the past, Stride makes it simple to find the right new plan while also ensuring you get the most savings. Enter your ZIP code below to get your personalized plan recommendations.