What are Cost-Sharing Reduction cuts: Trump
So what does this mean for you? If you qualify for subsidies, you will still get help paying for coverage — and you may even find a cheaper plan! However, it’s still critical that you shop around and understand the changes being made.
Here are four important questions answered in response to this change:
- What is "Cost-Sharing Reduction” is the industry term used to identify the extra financial help many people get to lower their deductibles and out-of-pocket costs for care and prescription drugs. You must enroll in the Silver plan to get the Cost-Sharing Reduction, and you only qualify if your income is under a certain amount.
- Will I still get help paying for coverage Yes! Anyone who qualified for financial assistance in the form of the Advanced Premium Tax Credit (also called the “subsidy”) will still receive that.
- Will it cost me more? If you qualify for subsidies, you shouldn’t see a major difference in cost for the 2018 coverage year – in fact, coverage could be cheaper because of the way that your subsidy is calculated.
If you don’t qualify, you will end up seeing an increase in cost. You should still make sure to shop and see what coverage options are available. Call June to see if you can get an alternative health plan 920-284-6067.
What if I have a current marketplace plan? It means you should actively shop around this year because insurance companies have raised prices in different ways. Especially for silver plans, which are popular for those who get substantial subsidies and Cost-Sharing Reductions. Call June 920-284-6067 to see how you may have been effected.https://www.healthsherpa.com/?_agent_id=june-johnson-k3em0g