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What is the Advanced Premium Tax Credit and how does it work?

Who is this for?

Michigan Health Insurance – Customer Service – Learn More

If you buy your own health insurance, you'll want to know about this tax credit that can be applied to what you pay each month for your plan.

Because of the Affordable Care Act, many people who buy their own health insurance will be eligible for financial assistance in 2014. This assistance, called a subsidy, lowers what you pay for your health coverage. There are two kinds of subsidies: the Advanced Premium Tax Credit and Cost Sharing Reduction.

The Advanced Premium Tax Credit goes toward your health insurance premiumwhat you pay each month to maintain your health coverage. You can apply it to our bronze, silver or gold plans. Here's what else you need to know about the premium tax credit.

Tip: Using your Advanced Premium Tax Credit will be easiest if:

  • Your family is all on one health insurance plan
  • And you file one tax return for the whole family

If this scenario doesn't apply to you, it's a good idea to get advice from a legal or tax professional.

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