Subsidies: Everything you need to know about Obamacare in 2020 Part 2

How can you get cheaper health insurance through Obamacare? You can get a subsidy! A subsidy is a government supplied help to reduce the cost of health insurance coverage for those below a certain income level. How do you qualify? What do you need to know? Read below to find out!

Before we start, if you would like to see pricing for major medical health insurance plans go HERE. If you enroll through our system we will be your agent and will help you with anything you need! It costs you nothing!

Premium Tax Credit

A premium tax credit is the main way in which you get a subsidy on your health insurance plan. When you enroll in a plan through the Health Insurance Marketplace, you may be eligible for a tax credit to lower your monthly payment (also called the premium). Your tax credit will be determined by your estimated household income and the household information you enter on your Marketplace application. You will qualify for a tax credit if your estimated income falls between 100% and 400% of the federal poverty level for your household size.

To lower your monthly premium you can use all, some, or none of your premium tax credit in advance. Be aware that if you use more advance payments of the tax credit than you qualify for based on your final yearly income, you must repay the difference when you file your federal income tax return. Also, if you use less tax credit than you qualify for, you’ll get the difference as a refundable credit when you file your taxes.

Read more about Premium Tax Credits here:

The only way to get a premium tax credit is to purchase a health plan through the Health Insurance Marketplace.

Cost-Sharing Reductions

A discount that lowers the amount you must pay for deductibles, co-payments, and coinsurance. Cost-sharing reductions are also often called “extra savings” in the Health Insurance Marketplace. If you qualify for premium tax credits you can use it for a plan in any metal category.

But if you qualify for extra savings, you’ll get those savings only if you pick a Silver plan.

You also have a lower out-of-pocket maximum — the total amount you’d have to pay for covered medical services per year if you qualify for cost-sharing reductions. Your insurance plan covers 100% of all covered services when you reach your annual out-of-pocket maximum. You may qualify for additional cost-sharing reductions if you are a member of a federally recognized tribe or an Alaska Native Claims Settlement Act (ANCSA) Corporation shareholder.

Medicaid in Georgia

Reduced cost of health coverage can be available to those whose income is below a certain level to help pay for some or all of their medical bills. Georgia’s Medicaid program name is “Georgia Medical Assistance.”

For more detailed information and help in applying for Georgia Medical Assistance use this site:


Children’s Health Insurance Program (CHIP) provides low-cost health coverage for children in families that earn too much money for Medicaid but still need help with insurance costs. Georgia’s CHIP program name is “PeachCare for Kids”.

PeachCare for Kids health benefits include primary care, preventative care, specialist, dental care and vision. Additionally, PeachCare Kids also covers hospitalization, emergency room services, prescription medications and mental healthcare. Each child in PeachCare is assigned a Georgia Families’ Care Management Organization (CMO) to help provide members a choice of health plans to select the best plan that fits their needs.

For more detailed information and help in applying for PeachCare for Kids use this site:


This can all be a bit confusing to decipher but that’s why we’re here! Feel free to call us at 770-452-9335 for help in seeing if you qualify for a major medical plan or if you need another option.


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