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Advanced Premium Tax-Credit

For most people, obtaining Health Insurance is a consideration of household size and household income, among many other considerations. However, it’s not a simple calculation of how many people live under your roof or the Year-to-Date gross income found on your pay-stub or tax return. Rather, it’s a count of how many people will be on your tax return in the coming year, and a calculation of “MAGI” or Modified Adjusted Gross Income. If your household income falls within a specified range, you could end up with a $0 monthly premium for your Health Insurance. If your application reflects too little or too much annual income, you could completely miss out on a truly “affordable” Health Insurance premium.

Example: The income for a family of 4 can range from $25,750 to $103,000 to qualify for a Tax-Credit to lower their monthly premium.

Cost Sharing Reduction

Again, based on household size and household income, you might also qualify for “Cost Sharing” which lowers your out-of-pocket expenses and Co-pays for doctors, specialists and prescriptions. This benefit is available if your Modified Adjusted Gross income falls below 250% of Federal Poverty Level. The term “Poverty Level” may sound like a level of income that would be far lower than you would think, however, for a family of 4 people this translates to $25,750 to $64,375 in Modified Adjusted Gross Income for the 2020 calendar year.
Example: Cost Sharing Reduction can lower a Silver plan deductible from $1,500 down to $750, and in some cases as low as $25.

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