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You may be eligible to save money on your health insurance premium and lower your monthly bill.
What is a Premium Tax Credit?
It’s a type of financial assistance from the government that can help you save on your monthly premium payment. The tax credit, if you’re eligible, will go towards reducing your monthly premium. Your premium payment is what you pay each month for your monthly bill.
Do You Qualify?
Your eligibility is based on household size and estimated income along with other factors.
The amount of premium tax credit you may be eligible for is based on how your household income compares to Federal Poverty Levels. Federal Poverty Level (FPL) is the minimum income a family requires for basic needs like food or shelter. The government decides these FPL levels. You can check the levels on the Department of Health and Human Services website. The FPL range may change based on the state you live in.
On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) with immediate impacts to current and prospective Marketplace members, including enhanced advance premium tax credit (APTC).
Under the IRA, Marketplace premium tax credits were increased and eligibility expanded through 2025, allowing eligible consumers to receive more tax credits than under the ACA and eliminating the subsidy cap at 400% Federal Poverty Level (FPL). Premiums are capped at 8.5% of income regardless of income, and individuals earning 100-150% FPL may be eligible for fully subsidized coverage ($0 premiums).
If you qualify, you will be able to access premium tax credits you’re eligible for when you enroll in coverage or renew your coverage during Open Enrollment on HealthCare.gov, your State-based Marketplace, or Enroll.Ambetterhealth.com.
There are a number of helpful resources regarding the new law and the impacts for your particular state.
Please visit healthcare.gov and/or state based exchange websites.
Calculate Your Savings
Thanks to the Inflation Reduction Act, more people than ever before are now able to save. Even if you've checked your eligibility in previous years, look again now. See what savings you may be eligible for.
Understanding Premium Tax Credits
Watch how premium tax credits may help you save money on health insurance premiums. View the Video.