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Published on Nov 1, 2013
Paying for health insurance coverage may be easier than you think. Depending on your income, family size, and the health plan you choose, you may qualify for financial assistance regarding your health insurance coverage. If you purchase insurance from a health insurance exchange and you're eligible, tax credits will help you pay your monthly premiums.
You can take the tax credit in advance, which would lower your monthly payments, or take the tax credit at the end of the year, which would either lower the amount of taxes owed or increase your refund. In addition to tax credits, you may also qualify for cost-sharing, which helps lower out-of-pocket costs like deductibles and co-payments.
Make sure you understand what type of financial assistance you qualify for before purchasing health insurance coverage. For more information, and to determine whether or not you qualify for financial assistance, explore our website at http://www.bcbsil.com/health-care-reform.