Health Tax Credit - Do You Qualify?
Do you qualify for a health tax credit? The official name is the Advance Premium Tax Credit (APTC) and is available to individuals and families whose income falls in a certain range. This is a federal income tax credit, paid in advance, to help you lower your individual or family health insurance premium payments.
For example, a household of 4 people, with an estimated adjusted gross income in 2020 that falls between $25,750 and $103,000, may be eligible for an Advance Premium Tax Credit.
If your income changes during 2020, it is important that you report the change to the Health Insurance Marketplace (the Marketplace manages the payment of the the Advance Premium Tax Credit).
While a significant change in your income could lower or increase your Advance Premium Tax Credit, by reporting the change to the Marketplace, you will avoid paying back some or all of the tax credit.
The Advance Premium Tax Credit helps those individuals and families that qualify, lower their health insurance premium payments.
For an Advance Premium Tax Credit you receive in 2020, you reconcile the tax credit on your 2020 tax return, when you file your return in 2021 (for the year 2020).
Do you qualify? The only way to know is to apply and find out. The Fuller Insurance Health Team is ready to help you apply for the Advance Premium Tax Credit, and select an individual or family health plan from Florida Blue.