Financial assistance
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Watch to see how financial assistance with Pennie works. Ver en Español.
Helpful financial assistance basics
If you qualify for financial assistance, Pennie is happy to connect you with two types that reduce what you pay for health insurance and care: an advanced premium tax credit (APTC) and cost-sharing reductions (CSR).
What’s an advanced premium tax credit?
An advanced premium tax credit (APTC) is a tax credit that lowers your premium, or monthly health insurance payment. When you apply for coverage through Pennie, you’ll estimate your expected income for the year. If you qualify for an APTC, you can use any amount of the credit in advance to lower your monthly payments.
How do I estimate my expected household income?
What’s a cost-sharing reduction?
The cost-sharing reduction (CSR) helps to lower your out-of-pocket costs like deductibles and copayments. If you qualify, you must enroll in a plan in the Silver category to get the extra savings.
What’s an advanced premium tax credit?
An advanced premium tax credit (APTC) is a tax credit that lowers your premium, or monthly health insurance payment. When you apply for coverage through Pennie, you’ll estimate your expected income for the year. If you qualify for an APTC, you can use any amount of the credit in advance to lower your monthly payments.
How do I estimate my expected household income?
Start with your household’s savings and adjusted gross income(s) — what you expect to earn before taxes — and update it with any changes you expect. Be sure to include all the people in your household and any dependents, whether they need coverage or not.
What’s a cost-sharing reduction?
The cost-sharing reduction (CSR) helps to lower your out-of-pocket costs like deductibles and copayments. If you qualify, you must enroll in a plan in the Silver category to get the extra savings.
How can I find out if I qualify for financial assistance?
Your family size and annual income will be used to determine if you are eligible to receive financial assistance. Typically, a person estimated to earn less than $51,000 a year — or a family of four estimated to earn less than $105,000 — would likely qualify for financial assistance through Pennie. Depending on your circumstances, it’s possible to qualify for both APTCs and CSRs.
Pennie has the tools to make it easy to figure out if you qualify, and if you are still not sure, no worries! You can contact one of our knowledgeable customer service team members to help you.
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