AutoInsuranceMM.Info – Health insurance for college students – Pay Less with Health Insurance Premium Tax Credit
You may qualify for a health insurance premium tax credit that lowers your premium.
The amount you pay each month (premium) for your Marketplace health plan can be lowered with the help of health insurance premium tax credit. If you qualify for a tax credit, you may opt to apply some or all of it to your monthly premium payment. This process is made possible by the Marketplace, in which case, it sends your tax credit directly to your insurance company.
Your health insurance premium tax credit depends on your income.
Its amount depends on the estimated household income for 2019 that you indicate on your Marketplace application. Due to this, if your income changes, your premium tax credit will probably change too. Same goes if you add or lose members of your household.
Reporting income and household changes to the Marketplace as soon as possible is very important.
If you benefit from premium tax credit, it is important to report life changes to the Marketplace as they happen throughout the year. These changes can alter your tax refund or cause you to owe tax. Reporting these changes promptly will help you get the proper type and amount of financial assistance.
Let’s say for example, your income goes up or you lose a member of your household. Here, you’ll probably qualify for a lower premium tax credit. And if your income goes down or you gain a household member, you’ll probably qualify for a bigger premium tax credit.
There is a process called “reconciling” in which you may have to pay money back when you file your federal income tax return. This is if you’ve taken more advance payments of the premium tax credit than you’re eligible for.
Get help at no cost.
Local assistance is always free. Find out if you can save more on your monthly premiums. Get help from Health Plans In Oregon, your trusted licensed health consultant since 2006. Know more about your health insurance premium tax credit by reaching us thru 503-998-6169. You can also simply send an email to [email protected] for all inquiries on healthcare insurance and Medicare.
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