Under the Affordable Care Act (ACA), Premium tax credits are available to help individuals and families who purchase individual health insurance through the health insurance marketplaces. The following premium tax credit charts eligibility and the amount of tax credits, updated in 2015
What are the premium tax credits are?
The federal government offers rebates for health insurance to eligible individuals and families. The discounts, called premium tax credits, many people help affordable individual or family health insurance through the new national health insurance buy marketplaces.
The health insurance tax credits "to pay advanced", which means they can be applied when purchased at premium.
individuals and families are for a premium claim the tax credit if they meet certain income requirements (see table below) and have no access to affordable health insurance through an employer or government program like Medicaid or Medicare.
meet Tip: The premium tax credits considerable savings. In 2014, 87% of people who receive buy a health plan through the marketplace a discount, pay 82 / month only, on average, $
Premium Tax Credit chart -. Eligibility
tax credits are households earning up to 400% of the federal poverty level (FPL) available. As the chart shows, qualify households that earn $ 46,680 in 2014 for an individual or $ 95,400 for a family of four.
If the premium tax credit is applied, the insurance premium will be limited between 2% and 9.6% of income, depending on their income on a sliding scale.
For example, if a person $ 23,340 per year (0% FPL) makes in 2014, the maximum amount of the individual for health insurance pay is 6, 34% of the. Income, the $ 1,480 / year ($ 123 / month) is
Source: Affordable Care Act 101 Guide
Note: the percentage caps were easily updated for 2015 in Rev. Proc. 2014-37. The charts in this article reflects this updated percentages for 2015
Premium Tax Credit chart - Examples
The following table lists examples of premium tax credits will provide.
Source: Affordable Care Act 101 Guide
Tip: There are several online calculators available to calculate special premium tax credit is, like this one.
What questions do you have about premium tax credits or the Affordable Care Act in 2015? Leave a comment. We answer help.
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