Premium Tax Credits

These are the federal tax credits that you can use to pay your premiums for part or all your health coverage premiums.

The amount of the premium tax credit is based on a sliding scale, with greater credit amounts available to those with lower incomes. from as low as $12,900 to as much as 54,000 for a single person to still qualify for federal subsidies. 

 If the advance credit payments made on your behalf are more than the allowed premium tax credit, you will have to repay some or all the excess. This results in a lower amount of your Tax refund. so if you were supposed to get a 1000 refund, and you have a $400 dollar penalty, you refund will be $600 dollars.

Did you know that new tax credits were released, this means that you may be eligible for a new plan with better coverage and a lower cost . call or message us today to see what your options are.

 A job-based health plan is considered “affordable” if your share of the monthly premiums for the lowest-cost self-only coverage that meets the minimum value standard is less than 9.83% of your household income. Affordability is determined only by the amount you’d pay for self-only coverage.

When you shop on the Marketplace for a plan, you may be able to pay your premiums with pre-tax dollars through a Health Savings Account (HSA). A Health Savings Account is a special type of savings account. It lets you set aside pre-tax dollars for certain kinds of qualified health expenses