Did you know that 95 percent of Tennesseans who shop on the Marketplace for their own health insurance receive financial assistance to help lower the cost of their health plans? More than 10 million Americans received an advanced premium tax credit*, and you could be one of them this year.
Tennesseans who qualify for financial assistance receive an average of $956 a month to apply toward their premiums. Use this Health Insurance Marketplace Calculator to find out if you qualify.
Depending on your family size and annual income, you could get help with paying for your monthly premium or other health care costs through the Marketplace. Check out the chart below to see if you might qualify.
Eligibility to receive the tax credit depends on income and family size. It is available to a wide range of income levels.
|FAMILY SIZE||INCOME RANGES|
|INDIVIDUAL||$12,140 - $48,560|
|FAMILY OF 2||$16,460 - $65,840|
|FAMILY OF 3||$20,780 - $83,120|
|FAMILY OF 4||$25,100 - $100,400|
|FAMILY OF 5||$29,420 - $117,680|
|FAMILY OF 6||$33,740 - $134,960|
The tax credit lets you choose between a lower monthly premium payment or a lump sum refunded with your tax return.
If you enroll in a qualifying Silver-level plan on the Marketplace, you may be eligible for cost sharing reductions that help lower your out-of-pocket costs, like your deductible and out-of-pocket maximum. Alaska Natives and American Indians may be eligible for even more help.
|INDIVIDUAL||$12,140 - $30,350|
|FAMILY OF 2||$16,460 - $41,150|
|FAMILY OF 3||$20,780 - $51,950|
|FAMILY OF 4||$25,100 - $62,750|
|FAMILY OF 5||$29,420 - $73,550|
|FAMILY OF 6||$33,740 - $84,350|
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