GCNJ Extra Savings

What is Extra Savings

After you fill out an application with the Health Insurance Marketplace® and provide household and income information, you’ll find out if you qualify for a premium tax credit that lowers your monthly health insurance bill.

You’ll also find out if your income qualifies you for extra savings known as “cost-sharing reductions.” If it does, you can save money a second way: by paying less out of pocket each time you get medical services.

Best Metal Tier for Extra Savings

Getting extra savings with a Silver plan

If you qualify for cost-sharing reductions: You must pick a plan in the Silver category to get these extra savings on out-of-pocket costs.
- If you enroll in a plan in another health plan category, you can still use a premium tax credit. But, you won’t get these extra savings.
- Silver plans may also be available if you’re eligible for a premium tax credit and can enroll through a Special Enrollment Period based on estimated household income.
If you’re enrolled in a Silver plan and lose your cost-sharing reductions: You’ll qualify for a Special Enrollment Period. If you want to change plans, you can enroll in a Bronze, Silver or Gold plan that meets your needs and fits your budget.