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Premium tax credits are for individuals and families who:
You are not eligible if you can get affordable coverage through your job, or if you qualify for one of the following:
Learn how to estimate your income for the Marketplace.
Information you give on your Marketplace application about your income, family size and type of plan you buy is used to see if you qualify for a premium tax credit.
If you do qualify, you can decide if you want to have all, some or none of your estimated credit applied to your plan’s monthly premiums.
If you choose not to use the credit toward monthly premiums, you can claim the credit when you file your tax return for the year. This will either lower the amount of taxes you owe or increase your refund.
If you choose to have all or some of the credit paid in advance, you may have to reconcile this on your income tax return. In some cases, the amount of advance payments the government sent on your behalf may differ from the premium tax credit you may claim.
If there is a change in your family size, income or employment during the year, the amount of your premium tax credit can change. Be sure to update this information in your Marketplace account. Doing so lowers the chance that there could be a difference between your advance credit payments and the actual premium tax credit.
Here are a few events that can affect the amount of your premium tax credit:
If you don’t report these changes to the Marketplace, your actual premium tax credit may differ from the credit originally estimated by the Marketplace.
The Marketplace will send you a 1095-A form showing your premium amount and advance premium tax credit. You will use this information to report your coverage on your tax return.
We know premium tax credits can be confusing. If you still have questions, a tax advisor can help. You can also find more information at healthcare.gov/taxes or at irs.gov.
Find out. Use our Premium Tax Credit Estimator tool to see if you qualify for a premium tax credit.
Originally published 8/18/2015; Revised 2018, 2022, 2023
Blue Cross and Blue Shield of Montana, a Division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association
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