Five things to know about financial assistance for ACA plans

Published November 13, 2014

Open enrollment on the health insurance marketplace begins on November 15, and Blue Cross and Blue Shield companies are here to help you understand your options so you can rest easy knowing that you and your family have the coverage you need.

If you are purchasing coverage through the marketplace, you may be eligible to receive financial help from the government to lower the cost of your monthly payment. Here are five things should know about financial help for Affordable Care Act plans.

1. You May Be Eligible – Millions of people qualify to receive financial help from the government to pay for their health insurance coverage. The amount depends on your income and family size. You can try our estimator to find out if you might be eligible.

2. Your Monthly Payment Will Be Lowered - If you qualify for financial help, the government sends the payment directly to us on your behalf. We then credit the money toward the cost of your premium, which automatically lowers the amount you pay each month.

3. 2015 May Be Different Than 2014 – There are many factors that affect the amount of financial help for which you are eligible, like changes to your income or family status. Things like getting a new job, getting married or having a baby can affect the amount of help you qualify to receive.

4. Update Your Information – In order to ensure you receive the correct amount of financial help in 2015, you need to update your financial and family information with the government. Your local Blue Cross and Blue Shield company can assist you with this process.

5. Act By December 15 – Your financial and family information must be updated with the government by December 15, 2014, in order to be sure you receive the correct financial help when your new plan begins in January. If you miss the deadline, you can still update your information with the government, but there will be a delay in adjusting your monthly payment.

Blue Cross and Blue Shield companies are standing by to help you with this process, and help you understand your options. Contact us today.