
Financial assistance is a cornerstone of the New Hampshire Health Insurance Marketplace, making it easier for residents to afford health insurance. Various programs are available to help eligible individuals and families reduce their health insurance costs based on household income and other criteria.
These programs include subsidies and tax credits that significantly lower monthly premiums and out-of-pocket costs. Many of these financial aids are exclusive to plans purchased through the marketplace, providing an additional incentive for residents to explore marketplace options.
Subsidies and Tax Credits
Subsidies and premium tax credits are vital in making health insurance affordable for many New Hampshire residents. Eligibility for these financial aids is determined by household income and family size. Applicants must lack access to affordable employer-sponsored health coverage to qualify.
In New Hampshire, premium tax credits are available to individuals and families with incomes between 100% and 400% of the federal poverty level. These credits are designed to lower monthly insurance costs, making it easier for families to maintain their health coverage.
Cost-Sharing Reductions
Cost-sharing reductions specifically assist individuals enrolled in Silver plans by lowering their out-of-pocket expenses. These reductions can greatly lower deductibles, copayments, and coinsurance, making healthcare more affordable for lower-income individuals.
These reductions are only available to those who choose Silver plans through the marketplace, providing extra financial relief to ensure comprehensive health coverage.
Expanded Medicaid in New Hampshire aims to cover more low-income residents by increasing income eligibility limits. In particular, adults with incomes up to 138% of the federal poverty level are now eligible, significantly improving access to affordable healthcare.
One of the benefits of Medicaid and CHIP is that enrollment is available year-round, allowing individuals to apply at any time without being restricted to specific periods. This flexibility ensures that those in need can access healthcare when they need it most.
The success of Medicaid expansion in New Hampshire is evident in the enrollment growth, which has reached 39.5% over the past three years. This increase reflects the state’s commitment to providing accessible and affordable healthcare to its residents.