The time to renew or change your current Affordable Care Act Health Insurance Marketplace is right around the corner as open enrollment begins November 1st and will go through January 15th. Eagle View Community Health System with Outreach and Enrollment Nancy Kucharz shares tips for enrolling or re-enrolling in the federally funded program in Illinois:
“Based on income, household size, tax filing status, there are several guidelines to it, but depending on income and how things work out on your application, you could qualify for what is called an Advanced Premium Tax Credit. It is money that the federal government pays toward your insurance premium. Say if a family makes $40,000 for the year, if their tax credit is $1,200, that is per month, it is money they never see, it goes straight to the insurance company. If they do not go over the $40,000 for the year, they do not pay any of that money back. If income goes up or down, we need to address that because you don’t want to have to get that all worked out when you file taxes.”
To ensure your health insurance coverage begins January 1st of 2024, enroll by December 15th.
