BOISE — Your Health Idaho, the state insurance exchange, will remain open throughout the month of April so Idahoans can take advantage of enhanced financial assistance, which lowers consumer’s monthly premiums.
For the first time ever, tax credits, which act like an instant discount, may be available for those who were not previously eligible and will be increased for Idahoans who already receive them. For some Idahoans, these savings can be significant. For example, a Treasure Valley married couple in their 20s making $50,000 a year could pay less than $10 a month and a family of four making $105,000 could pay as little as $200 a month.
“Every Idahoan currently receiving tax credits through Your Health Idaho will see additional savings,” said Pat Kelly, Executive Director. “In addition, tens of thousands of Idahoans who weren’t eligible to receive financial help before will now be able to access tax credits that can significantly reduce the cost of their health insurance.”
Idahoans who enroll by midnight (MT) on April 30, will have coverage beginning May 1. For those who would like coverage starting April 1, individuals must enroll by midnight (MT) Wednesday, March 31. After the April deadline, Idahoans will only be able to enroll in coverage if they experience a Qualifying Life Event, like losing coverage or having a baby.
“These enhanced tax credits keep more money in Idahoans’ pockets and are another tool for Idahoan’s continued economic recovery,” Continued Kelly. “We encourage every Idahoan to see if they qualify for these savings.”
Idahoans can apply for the tax credit at any time to find out if they could be eligible. Your Health Idaho is the only place where Idahoans can use the tax credits to lower monthly insurance premiums and out-of-pocket costs. More than 80 percent of currently enrolled Idahoans qualify for financial assistance and in 2020, one in three paid $0 per month for coverage. With the enhanced discounts, more than 90 percent of current Your Health Idaho customers may qualify for assistance.
A list of insurance agents, brokers, and enrollment counselors can be found on the Your Health Idaho website at YourHealthIdaho.org/find-help/.
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