There are numerous Oregon health insurance plans both individual and group that let you save a lot on your monthly insurance bill. Do you know that there is a term called “premium tax credit?” Whenever you are browsing through the leading Oregon Life insurance plans, make sure to apply for a coverage in the Health Insurance Marketplace where you can find easy ways to qualify for a premium tax credit. This is going to lower your premium amount that you have to pay every month for your insurance plan.
Again, the amount of your premium tax credit is going to depend upon the estimated household income that you are going to bring in for this year. You will have to put that amount on your marketplace application as well. You can find several tools online to determine whether your estimated 2020 income falls in the range that lets you qualify for a premium tax credit or not.
Taking An Advance Payment Of The Premium Tax Credit Like A Pro
If you are looking for any Medicare advantage Oregon health insurance plan, it is always advised to apply some or the entire tax credit to your monthly insurance premium payment. You should expect the marketplace to send your tax credit to your insurance company directly. This means that you end up paying a much smaller amount every month.
The day your income changes, your premium tax credit would change as well. If you add or lose any members of your family / household, your premium tax credit is going to change as well. Therefore, if you want to keep on saving money on your Oregon health insurance plans, it is very important that you report all the income changes in your household to the marketplace without any delay.
It happens quite frequently that if your income goes up or if any of your family members passes away, you will readily qualify for a lower premium tax credit. In such a case reducing the amount of tax credit you take every month in advance is the right move. This is the best way to prevent taking up more credits than you qualify for. So, now you know a few ways to save money when picking a health insurance plan.