Financial Assistance for Marketplace Health Plans: What Consumers Should Know
<p>This week, the health insurance marketplaces began selling coverage that starts January 1. As in the past, many people will consider affordability first when selecting a health plan or, in some cases, deciding whether to go to the marketplaces at all. But in a new blog post, The Commonwealth Fund’s Sophie Beutel, Sara R. Collins, and Munira Gunja say that prospective shoppers, particularly those with low incomes, shouldn’t assume they can’t afford a plan. </p><p>The authors review the types of income-based financial assistance for private plans that are available, including premium tax credits and subsidies to lower deductibles and copayments for silver plans. They also point to recent Commonwealth Fund survey research finding that many eligible people don’t appear to know about this financial help.</p>
<p>To help marketplace shoppers make more informed decisions, HealthCare.gov and some state marketplaces are introducing new shopping tools, the authors say.</p>