When you apply for health coverage through the Health Insurance Marketplace®, you’ll find out if you qualify for savings. You may be eligible for a "premium tax credit" to lower the cost of your monthly premium. You also may be eligible for "cost-sharing reductions" — discounts that lower what you’ll pay out of your own pocket for medical care.
Important: You can use a premium tax credit for a Marketplace health plan in any "category". However, if you qualify for cost-sharing reductions, you’ll only get these extra savings if you enroll in a Marketplace health plan in the Silver category.
If you qualify for cost-sharing reductions, a Silver plan may be the best overall value. Even if your monthly premium is higher than some other plan options, additional benefits could save you more down the road, like:
So with a Silver plan, your "total cost of care" — when you add up your premium, your deductible, and other out-of-pocket costs — may be significantly lower. This means you’ll save a lot of money overall.
Learn more about how to save on out-of-pocket costs with a Silver plan.