Health insurance premium tax credits significantly the health and marketplaces offer are available by saving for most Americans. But sometimes they can be difficult to understand. Here are FAQs to help you get the health insurance premium tax credits understand in 2015
Q: What is a Health Insurance Premium Tax Credit
? A: The premium tax credit provides you and your family a discount on insurance. If you are eligible (see below) of this credit is something that you can use in advance; the insurance will pay to reduce your monthly premium. However, you qualify a plan of health insurance must purchase marketplace. You can also buy the entire loan receivable when you submit your tax return, if you prefer.
Q: Am I entitled
A: You are entitled to a health insurance premium tax credit if you meet certain income requirements and have no access to affordable health insurance through an employer or the government program like Medicaid or Medicare.
households to qualify with an income of 100% to 400% of the federal poverty level (FPL) for loans (see graphics below, or chart premium tax credit for the year 2015).
What does this mean in terms of income? As the following charts, this means earning households to $ 46,680 for an individual in 2014, or to qualify for $ 95,400 a family of four.
For example, if you make $ 23,340 per year (0% FPL), the maximum amount you pay for health insurance is, is 6.34% of the income, the $ 1,480 / year ($ 123 / month) is.
You can also qualify for a premium tax credit if you employer-sponsored health insurance are offered, but it is not affordable, and you are not registered in their plan. To determine this, calculate if your annual premium 9.5% (changes to 9.56% for plan years starting in 2015) exceeds your household income
. Tip: As an employer you can your employees access to the premium tax credits (and more affordable health insurance) sharing non-traditional group health insurance offer. That's because only one group health insurance disqualified offer employees and often family members, of the rebates
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Q: How does it benefit me
A: You will be saving money. The loan is beneficial for you, because it allows you to access more affordable health insurance. In fact, in 2014, the average person with the credit for all kinds of plans, rather than month paid $ 346 / $ 82 / month that they would have paid without the credit -. That's a savings of $ 264 / month
Q: Do I file a tax return to receive the credit
A :? if you have received the extended loan payments for each tax year, or if you plan tax credit for the premium use, it is important that file that you were a federal income tax return for the year applied the loans. If you have any questions about the specifics of your tax return and the premium tax credit, check with a tax professional.
Answer This faq some of the major issues that many consumers - both individuals and entrepreneurs - have on the health insurance premium tax credits. Although the tax credits can be complicated, hopefully you feel a little more up-to-date on the tax credits insurance premium and how they apply to you.
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