Priority Health answers frequently asked questions about the Affordable Care Act

Not only is it the holiday season, it's also open enrollment for health insurance. If you need to get health insurance for 2025, enrollment is now open and Priority Health can help you find the right plan for your family more easily.

Get the plan you need at the price you want

Learn how to make your health insurance more affordable in 2025

Did you know that 4 out of 5 people are eligible for a health insurance plan that costs $10 or less per month?¹ Priority Health explains how Affordable Care Act (ACA) subsidies can help you save on health insurance in 2025.

What are ACA subsidies?

ACA subsidies make health insurance more affordable in two ways: through premium tax credits and cost-sharing discounts. Depending on the plan you choose and your household income, it is possible to be eligible for both subsidies.

Premium tax credits

A premium tax credit lowers your premium – the amount you pay for your plan each month. You can choose to receive it every month or all at once when you file your federal tax return. You can also choose to have the costs paid directly to your health insurance provider.

The amount you receive depends on your household income and the number of family members in your household. This means that if your income increases or you lose a member of your household, you will most likely be entitled to a lower amount. On the other hand, if your income decreases or you have a child or adopt a child (or otherwise add a member to your household), you will most likely be entitled to a higher amount.

Premium tax credits are only available for Bronze, Silver or Gold plans.

Example: Sarah and Omar, both 40 years old, live in Michigan with their two children. Together they earn $60,000 a year. They are eligible for a premium tax credit under their ACA Silver plan, which reduces their monthly premium from $1,200 to $400.

Reduction of cost sharing

Cost-sharing reductions reduce the amount you pay for deductibles, copays, coinsurance, and out-of-pocket maximums.

Cost sharing discounts are only available on Silver plans.

Example: Maria, a 30-year-old freelancer in Michigan who earns $25,000 per year, benefits from cost-sharing reductions under her ACA Silver plan, which lowers her deductible to $1,000, her copays to $15, and Lowers the maximum out-of-pocket amount to $3,000.

Who is eligible?

Individuals or families with incomes between 100% and 400% of the federal poverty level are eligible for a premium tax credit. That means a Michigan family of four could earn up to $124,800 and still qualify for a tax credit.

Individuals or families with incomes between 100% and 250% of the federal poverty level are eligible for cost-sharing reductions. This means a Michigan family of four could earn up to $78,000 and still qualify for cost-sharing discounts.

What happens if I don't qualify?

If your income doesn't make you eligible for a subsidy, your best bet is to look for a plan that offers a lot of value. Priority Health plans offer a large network of doctors and hospitals, preventive care for $0 including well-child visits, numerous extras for $0, and local, award-winning benefits² Customer service. You can find all our plans and prices here.

Do you still have questions?

A grant could save your family a lot of money. That's why when you apply for a MyPriority plan, we automatically check whether you're eligible for a premium tax credit, cost-sharing reductions, or both. You can apply online or call one of our enrollment specialists at 833.412.1273.

You can also download our Subsidies Guide to learn more about the ACA, subsidies, income limits, and to find out if you're eligible.

Don't forget these important dates for health insurance:

• November 1, 2024: Enrollment begins. This is the first day you can purchase a new health insurance policy for 2025 or change your current health insurance policy.
• Dec 15, 2024: The last day is your chance to sign up for coverage that begins January 1, 2025.
• January 15, 2025: The last day is the day you can enroll in 2025 coverage unless you qualify for a special enrollment period. If you enroll between December 16, 2024 and January 15, 2025, your coverage will begin on February 1, 2025.

Priority Health is a nationally recognized nonprofit health benefits company focused on improving the health and lives of its members throughout Michigan. As part of the nonprofit health system Corewell Health, Priority Health is recognized as a leader in quality, customer service, transparency and product innovation.