Do You Qualify for the Health Care Premium Tax Credit?
Individuals and families can buy private health insurance through affordable insurance exchanges, which are marketplaces where individuals can shop for private health insurance. Individuals making purchases through an exchange, may be eligible for a tax credit.
The credit is aimed at middle-income individuals and families. A larger credit is available for older individuals whose coverage costs may be higher. The credit will be refundable, which means it can be used by people who pay little or no federal income tax. Arrangements can also be made for advance payment to the insurer, so there is little or no out-of-pocket costs for healthcare premiums.
Are you eligible for the credit? We can assist you in making the determination and work with you to make the best use of your health insurance dollars. Call us today with all your questions about healthcare or any other tax or financial concerns.