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    More Information About Tax Credits: R T - L 8 - H

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    Kevin Mangum
    A tax credit lowers the monthly cost of health insurance premiums, and in some cases may cover the entire premium amount. Tax credits help people with incomes too high for Medicaid but still unable to afford coverage. To qualify, your household income must be above Medicaid limits for your state but within tax credit limits, and you must enroll in coverage through the Marketplace. The amount of the tax credit is based on household size, income, and the cost of a silver-level health plan in your area. You do not have to wait until filing taxes to get the credit - it can be paid directly to your health plan to lower premium costs.

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    More Information About Tax Credits: R T - L 8 - H

    Uploaded by

    Kevin Mangum
    52 views1 page
    A tax credit lowers the monthly cost of health insurance premiums, and in some cases may cover the entire premium amount. Tax credits help people with incomes too high for Medicaid but still unable to afford coverage. To qualify, your household income must be above Medicaid limits for your state but within tax credit limits, and you must enroll in coverage through the Marketplace. The amount of the tax credit is based on household size, income, and the cost of a silver-level health plan in your area. You do not have to wait until filing taxes to get the credit - it can be paid directly to your health plan to lower premium costs.

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    Health Insurance Marketplace

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    Health 2

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    A tax credit lowers the monthly cost of health insurance premiums, and in some cases may cover the entire premium amount. Tax credits help people with incomes too high for Medicaid but still unable to afford coverage. To qualify, your household income must be above Medicaid limits for your state but within tax credit limits, and you must enroll in coverage through the Marketplace. The amount of the tax credit is based on household size, income, and the cost of a silver-level health plan in your area. You do not have to wait until filing taxes to get the credit - it can be paid directly to your health plan to lower premium costs.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    52 views1 page

    More Information About Tax Credits: R T - L 8 - H

    Uploaded by

    Kevin Mangum
    A tax credit lowers the monthly cost of health insurance premiums, and in some cases may cover the entire premium amount. Tax credits help people with incomes too high for Medicaid but still unable to afford coverage. To qualify, your household income must be above Medicaid limits for your state but within tax credit limits, and you must enroll in coverage through the Marketplace. The amount of the tax credit is based on household size, income, and the cost of a silver-level health plan in your area. You do not have to wait until filing taxes to get the credit - it can be paid directly to your health plan to lower premium costs.

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    More information about Tax Credits

    What is a tax credit? A tax credit lowers the monthly cost (called a "premium") you pay for health insurance. In some cases, you may pay no premium if your tax credit covers the entire premium amount. Tax credits help people with incomes too high to qualify for Medicaid or the Children's Health Insurance Program (CHIP), but who still may not be able to afford health coverage. How do I qualify for a tax credit? The Marketplace will check your information, such as your income and household size, to see if you qualify for a tax credit. The tax credit is only available if you enroll in coverage through the Marketplace. If you're eligible for Medicare or most other types of health insurance coverage, then you probably don't qualify for a tax credit. If you're eligible for coverage from a job, you can only qualify for a tax credit if your employer doesn't offer affordable health coverage or the coverage doesn't meet a minimum value standard. In addition, your income must be above the limit for Medicaid in your state, but within the limits for a tax credit, which are outlined in the chart below. Household size
    1

    Income limit $45,960 ($57,400 for Alaska) $62,040 ($77,520 for Alaska) $78,120 ($97,640 for Alaska)

    Household size
    4

    Income limit $94,200 ($117,760 for Alaska) $110,280 ($137,880 for Alaska) $126,360 ($158,000 for Alaska)

    2 3

    5 6

    How much of a tax credit can I get? Your tax credit amount is based on: The number of people in your household. Your household includes the person who pays taxes and his or her spouse and dependents, The income amount that you expect to put on your on your federal income tax return for 2014, and The cost of a "silver level" health plan in your area. A silver level health plan is a plan that provides the set of essential health benefits required by the Marketplace and also covers 70% of health care costs for the average person. You can see the health plans available using our plan finder on Healthcare.gov.

    Do I have to wait until I file my federal tax return to get the tax credit? You do not have to wait until you file your federal income tax return to get your tax credit. You can have some or all of your tax credit paid directly by the Federal government to your health plan to reduce the premium for the health plan that you select through the Marketplace. You will make this choice when you

    choose a plan.
    You can decide to enroll in a plan without a tax credit or with less than the full amount, and get the full amount, based on your actual income at the end of the year, when you file your taxes. Even if you don't owe any taxes, you may still be eligible for a tax credit. You need to enroll in a plan through the

    If you have questions:


    1159719

    Go to HealthCare.gov/marketplace.

    Or, call 1-800-318-2596. TIY users should call 1-855-889-4325.

    The call
    7 of 12

    is free. You can also find out how to talk to someone in person, online or through the help line.

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