Use tax credit to reduce your health insurance costs

Use tax credit to reduce your health insurance costs

The federal government estimates that 80% of purchasers of the silver tier level of health insurance coverage during affordable healthcare’s current open enrollment will receive enough tax credit to reduce their monthly premium to less than $100.

Choose from a variety of options

Consumers who apply for and receive tax credit are not restricted to their choice of insurance plan. They can choose from any Obamacare plan in any group. Health insurance plans are divided into four groups. From the most expensive to the least they are platinum, gold, silver and bronze.

In addition, tax credits are available to a wide variety of income levels. For example, a consumer supporting a family of four is still eligible for tax credit even if his income is four times the U.S. poverty level of approximately $95,000 for his size family.

Look for the best deal

All consumers, including those who receive tax credit, are advised to shop and compare. The Centers for Medicare and Medicaid Services found that during the last Obamacare enrollment period, savvy consumers, who were on the lookout to swap their existing health insurance plans for less expensive ones, were able to reduce their premiums by an average of $400.

To find the plan that can save you the most money, contact Newport Health Insurance.

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