Cost Sharing Reduction decreases the amount you have to pay for deductibles, copayments, and coinsurance, according to HealthCare.gov. In order to obtain these benefits from Marketplace insurance, you must enroll in a Silver plan to receive "extra savings."
With the Silver plan, you can expect to pay 30% while your insurance company will pay 70% of medical costs. With the Silver plan, you will have a moderate monthly premium and deductibles.
How do I Qualify for Cost Sharing Reduction?
If your income falls within a certain range, you can qualify for CSR. Click here, to find out if you could qualify for extra savings. If you qualify:
- You will save on out-of-pocket costs. The amount you save is determined by your income estimate.
- You will have a lower deductible.
- You will have lower copayments and coinsurance.
- Your out-of-pocket maximum will be lower.