When you apply for coverage in the Health Insurance Marketplace, you’ll find out if you qualify for a “premium tax credit” that lowers your premium – the amount you pay each month to your insurance plan.
The amount of your premium tax credit depends on the estimated household income for 2018 that you put on your Marketplace application.
Find out if your estimated 2018 income is in the range to qualify for a premium tax credit.
You can apply some or all of this tax credit to your monthly insurance premium payment. The Marketplace will send your tax credit directly to your insurance company, so you’ll pay less each month. This is called taking an “advance payment of the premium tax credit.”
When your income changes, so does your premium tax credit
If your income changes, or if you add or lose members of your household, your premium tax credit will probably change too.
It’s very important to report income and household changes to the Marketplace as soon as possible.
IMPORTANT:If at the end of the year you’ve taken more advance payments of the premium tax credit than you’re eligible for, you may have to pay money back when you file your federal income tax return. This is called “reconciling” the advance payments of the premium tax credit and the actual premium tax credit you qualify for based on your final 2018 income.
More answers: Premium tax credits
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