It may seem strange to you that you're being an offered health insurance for only $1 a month! How can that be? Is there a catch? The catch is that you're benefiting from a government program meant to help people of all income levels get the protection they need!
Health insurance subsidies are calculated on a scale based on income, zip code, and family size. Subsidy amounts increase or decrease based on those factors.
If you're being offered a $1 plan, it simply means that your allowed subsidy amount is higher than the cost of certain plans in your area. For example, let us say it is determined based on your information provided that you're eligible for a subsidy of $201 per month for whichever plan you choose. You then are offered a plans that are $200. With your subsidy, that plan would then cost you $1.
You're still getting the benefits of the $201 plan, but with the government stepping in to cover the costs!
Understanding and calculating subsidies can be quite lengthy. Fortunately Stride Health does that for you after you input your personal information!
If you would like more resources on why your subsidy is what it is, and why your plan prices are the way they are, please follow this link --> here.