Questions Part V: Premium Tax Credits
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- Questions Part I: Training
- Questions Part II: Permissible Guidance Questions
- Questions Part III: Affordable Care Act and Families
- Questions Part IV: Penalties
- Questions Part V: Premium Tax Credits
- Questions Part VI: Other General Questions
Is the tax premium a refundable tax credit?
Yes. The premium tax credit is advanced to you based on estimated income in 2014 and then is reconciled on your tax return filed in 2015 based on your actual income for 2014. If you are eligible for more premium tax credit than was advanced to you in 2014, you can get the remainder on your tax return in 2015, even if you owe no taxes.
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Is it true that no matter how good your marketplace health insurance plan is, you still pay the same premium amount?
No. Your subsidy and premium are based on the cost of a “benchmark” plan. The benchmark plan is a mid-range plan. If you want a better plan, you’ll need to pay the extra money out of pocket. If you choose a less expensive plan that has higher out-of-pocket costs, your premium often will be less.
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Does the premium tax credit work to reduce the amount paid by the insured on a monthly basis?
Yes. The premium tax credit is advanced directly to the insurance company on a monthly basis on your behalf, based on the amount of premium tax credit you’ve been approved for and the health plan you’ve selected.
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Is it true that the premium tax credit on health insurance can only be received if you’re enrolling in a policy available through the marketplace?
True. The premium tax credit can only be received if you enroll in a policy available through the health insurance marketplace.
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