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If you enrolled in a new health insurance plan recently, you may have qualified for a premium tax credit. A premium tax credit is a form of financial assistance that helps with the cost of buying coverage.
Who is eligible for a premium tax credit?Premium tax credits are available to individuals and families who:
You are not eligible if you can receive affordable coverage through your job, or if you qualify for one of the following:
Learn how to estimate your income for the Marketplace.How does the premium tax credit work?When you filled out an application on the Marketplace, information you provided about how much money you make, your family size and the type of plan you purchase was used to see if you qualified for a premium tax credit.If you qualified for the premium tax credit, you then decided if you wanted to have all, some, or none of your estimated credit applied to your monthly premiums.
If you chose not to have advance credit payments, you may claim the premium tax credit when you file your tax return for the year. This will either lower the amount of taxes you owe on your return or increase your refund.
If you chose to have all or some of the credit paid in advance, you may have to reconcile this on your income tax return. In some cases, the amount of advance payments that the government sent on your behalf will differ from the premium tax credit that you may claim.Why would the amount of my premium tax credit differ from my advance credit payments?Changes to your family size, income or employment during the year can change the amount of your premium tax credit. This is why you should update your information in your Marketplace account when these things change.
Notifying the Marketplace of a change decreases the chance that there will be a difference between your advance credit payments and the actual premium tax credit. The following are some events that can affect the amount of your premium tax credit:
If you experienced any of these changes and did not report this to the Marketplace, your actual premium tax credit may differ on your tax return from the advance credit originally estimated by the Marketplace.
How does this affect my tax filing?The Marketplace will send you a 1095-A form showing your premium amount and advance premium tax credit. You will use this information to report your coverage on your tax return.
Still have questions?
Many tax advisors can help. You can also find more information at healthcare.gov/taxes or at irs.gov.
Hi Rebecca, I can have my team verify your plan's benefits if you'd like to send us a private message. ~ Kayla
When I called yall the lady said I had no out of pocket pay. Well it shows on my insurance card that I do.
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