What is a premium?
A premium is a monthly payment to your provider for health insurance. Just like rent or a streaming service, you keep your plan active by paying for it each month. While premiums can be expensive, it’s important to have health insurance, because healthcare without insurance is far more expensive - medical bills are the leading cause of bankruptcy in the US. Paying your premium keeps you covered.
Could I save money on my premiums?
You could save hundreds of dollars every month on your health insurance payments thanks to tax credits. The government helps lower people’s premiums through what’s called advanced premium tax credits (APTCs), which come in the form of a discount to your monthly premium.
The amount may vary based on factors like income, family size, and where you live, but most people with marketplace insurance qualify. In fact, 9 out of 10 people with marketplace plans qualify, and the average savings is $524 per month.
If you’re one of the millions of people who get insurance through your state or the federal marketplace, credits are likely available to you.
How do I lower my payments?
Credits are only available through government marketplaces (healthcare.gov and state websites) or through official exchange partners like Catch. You can complete and send tax form 8962, or you can get Catch to do it for you.
Catch can walk you through the process. We'll help you calculate your monthly savings, file your updated information with the government and your insurance provider, and start saving every month.