Low to moderate income families are, in most cases, eligible to receive assistance with health insurance coverage purchased through the Health Insurance Marketplace with premium tax credits, or PTCs. Typically, the income range for eligible families falls between 100% – 400% of the federal poverty level. In order to receive this credit, these families must meet all qualifications and file an annual tax return.
According to HealthCare.gov, you can use all of your credit, some of it, or none of it to help lower your monthly premium.
- If you use more of the credit than what you qualify for based on your income, you’ll have to pay back the difference when you file your return.
- If you don’t use the maximum that you qualify for, you’ll receive the difference as a credit when you file your return.
Application for coverage through the Marketplace automatically determines your qualification for PTC assistance, but if you would like to get an idea about what you can expect, check out this handy infographic.
To learn more about how to maximize your employee benefit offering, or for information about signing up for coverage under a private exchange, contact your Taylor agent today. Don’t have an agent? We’d love to get you connected to the power of T. Call us at (229) 247-6411 for more details. Our experts are ready to help you get the most out of your employee benefits program and develop strategies that both recruit and retain top-notch talent.
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