If you qualify for savings on out-of-pocket costs and enroll in a Silver plan:
- You’ll have a lower deductible. This means the insurance plan starts to pay its share of your medical costs sooner. For example, if a particular Silver plan has a $750 deductible, you have to pay the first $750 of medical care yourself before the insurance company pays anything (other than for free preventive services). But if you qualify for cost-sharing reductions, your deductible for a Silver plan could be $300 or $500, depending on your income.
- You’ll have lower copayments or coinsurance. These are the payments you make each time you get care — like $30 for a doctor visit. If a Silver plan’s copayment is $30 for a doctor’s visit, if you enroll in the plan and qualify for extra savings, you may pay $20 or $15 instead.
- You’ll have a lower “out-of-pocket maximum.” This means the total amount you’d have to pay in a year if you used a lot of care, like if you got seriously sick or had an accident would be lower. Instead of $5,000, your out-of-pocket maximum for a particular Silver plan could be $3,000.
IMPORTANT: The above are just examples to illustrate how cost-sharing reductions work. Plans in all categories have a wide range of deductibles, copayments/coinsurance, and out-of-pocket maximums. You’ll know exactly how much you save on out-of-pocket costs only when you shop for Silver plans in the Marketplace
