[PDF] Premium Tax Credits: Answers to Frequently Asked Questions

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Updated July 2013

Premium Tax Credits: Answers to Frequently

Asked Questions

Beginning in 2014, millions of Americans will become eligible for a new premium tax credit that will help them pay for health coverage. This collection of frequently asked

questions explains who will be eligible for this tax credit, how the size of an individual or IMPLO\·V ŃUHGLP RLOO NH ŃMOŃXOMPHG ORR PLG\HMU ŃOMQJHV LQ LQŃRPH MQG ORXVHOROG VL]H

will affect tax credit eligibility, and how the reconciliation between the tax credit amount a person receives and the amount for which he or she was eligible will be handled.

What Are Premium Tax Credits?

Starting in January 2014, a new federal tax

credit will be available to help people purchase health insurance in the newly established health insurance marketplaces (also known as exchanges). These ´SUHPLXP tax creditsµ will be available immediately upon enrollment in an insurance plan so that families can receive help when they need it rather than having to wait until they file taxes. Payments of the premium tax credits can go directly to insurers to pay a share of the monthly health insurance premiums charged to individuals and families.

Who Is Eligible for

Premium Tax Credits?

Premium tax credits are available to individuals

and families with incomes between 100 percent of the federal poverty line ($23,550 for a family of four) and 400 percent of the federal poverty line ($94,200 for a family of four) who purchase coverage in the health insurance marketplace in their state. Premium tax credits are also available to lawfully residing immigrants with incomes below 100 percent of the poverty line who are not eligible for Medicaid because of their immigration status.

To receive the credits, individuals must be U. S.

citizens or lawfully present in the United States.

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