Did you know you might be able to save on your Blue Cross and Blue Shield of Texas plan with a premium tax credit?
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What Is a Premium Tax Credit?
A premium tax credit, or subsidy, can help some members lower their monthly health insurance premium. If you qualify and claim your savings, you'll automatically get a lower monthly bill. You can apply your savings to any plan or metallic level.
A premium tax credit will only lower your premium. Other health care costs, like your deductible, copay or coinsurance won't be lowered.
Who Qualifies for Premium Tax Credits?
Not everyone can qualify for a premium tax credit. Your premium tax credit amount is based on 2 things — your household size and income. You'll normally get savings if you meet these guidelines:
- Your annual household income is at least 100% but not more than 400% of the federal poverty level.
- You can't get Medicare, Medicaid or CHIP.
- You can't get employer-offered coverage that provides minimum value, an Affordable Care Act requirement.
- You can't be claimed as a dependent on someone else's health insurance plan.
How Can I Find Out What My Savings Are?
To find how much you might be able to save, enter some info on our shopping platform. You'll get to a premium tax credit estimator tool soon after you enter your ZIP code. Check your savings right after entering your info. Apply them when you enroll in your plan.
Will My Savings Stay the Same All Year Long?
If you go through a life or household change, your savings amount could change. Events like getting married or divorced, going through a career or salary change, having or adopting a child or losing a family member could all change your savings amount. Make sure you report these changes to the Marketplace so you get your right savings amount.
Last Updated: Oct. 11, 2024