What If You Can’t Afford a Health Plan?

Shopping for health insurance can spark a few questions. Cost is always a big one. Wondering if you can afford a plan? You're not alone. As you check your options, remember there are resources that may help you pay for coverage.

Health Plan Prices

You have choices when choosing health coverage under the Affordable Care Act. Based on your income, family size and health plan, you may qualify for federal financial assistance. This could help lower your monthly payment. When you’re ready to enroll, you’ll have a variety of plans to choose from that fit your budget and needs. You'll also be able to see what your health insurance plan will cost before you make a final decision.

Help Is Here

There are two types of aid for those who qualify.

• A premium tax credit is a subsidy that helps pay premiums (the monthly cost of coverage). If you’re eligible, the credit can be paid in advance directly to your insurance company to lower your monthly premium. Check the tax credit calculator to see if your income qualifies for a tax credit.
• Cost-sharing assistance may be available if you qualify for a premium tax credit. It lowers your out-of-pocket costs for doctor's visits, medical procedures and tests. Depending on your income, your health insurance may pay a greater part of health care costs, lowering your out-of-pocket costs.

Sign Up for Health Insurance

Open enrollment for 2025 coverage begins Nov. 1 and ends Jan. 15, 2025. The deadline to sign up for a plan that begins on Jan. 1, 2025, is Dec. 18. If you miss open enrollment, you'll have to wait for the next open enrollment period or qualify for a special enrollment period.

Original Publish Date: 12/24/2014; Revised 2020-2024