Below is a great simplified explanation of how health plan marketplace subsidies will work – straight from the source!
When you use the Health Insurance Marketplace you may be able to get lower costs on monthly premiums or out-of-pocket costs, or get free or low-cost coverage.
You can save money in the Marketplace 3 ways. All of them depend on your income and family size.
You may be able to lower costs on your monthly premiums when you enroll in a private health insurance plan.
You may qualify for lower out-of-pocket costs for copayments, coinsurance, and deductibles.
You or your child may get free or low-cost coverage through Medicaid or the Children’s Health Insurance Program CHIP.
When you fill out your Health Insurance Marketplace application, you’ll find out how much you can save. Most people who apply will qualify for lower costs of some kind.
Until October 1, you can get a rough estimate of costs and savings by using the Kaiser Family Foundation calculator: