Health is important to all of us, even for those who are “young and invincible.” However, with price increases in health insurance and high deductibles, it may seem unattainable for low to moderate income families. Families with income between 100 percent to 400 percent federal poverty guideline are eligible for Premium Tax Credit. The tax credit helps make purchasing health insurance coverage more affordable. Below is the eligibility guideline for claiming tax credit.
The Premium Tax Credit
You may be eligible for the credit if you meet all of the following:
- buy health insurance through the Marketplace;
- are ineligible for coverage through an employer or government plan;
- are within certain income limits;
- do not file a Married Filing Separately return; and
- cannot be claimed as a dependent by another person.
Claim the credit
Whether you choose to get the credit now or later, you must claim it by filing a federal income tax return.
When you file your 2015 tax return in 2016, you will subtract the total of any advance payments you received during the year from the amount of the premium tax credit calculated on your tax return. This may affect your tax refund or balance due. If you are entitled to more credit than you have already received, this will either increase your refund or lower your balance due.
Budzinski Insurance is a full-line insurance agency offering health, auto, home, business, and life insurance. We are available five days a week to help you select a Qualified Health Plan and apply for Premium Tax Credit at no cost to you. At our one-on-one meeting, our experienced agent will help you navigate through industry jargons of PPO vs. HMO, deductible, maximum-out-of pockets, coinsurance, and copayments to reflect what’s covered versus your needs from your insurance plan to maximize your investment and your health. To ensure no one is left in the gap without health coverage, families qualified for Ohio Medicaid will also receive free application assistance through our agency.
Budzinski Insurance offers a full line of insurance including auto, home, business, life, and health. It is located on 218 Mechanic St. Ste. A, Waterville, OH 43566. Tiffany may be contacted at 419-293-5020 or by email at firstname.lastname@example.org.