What is the Advanced Premium Tax Credit and how does it work?
Who is this for?
If you buy your own health insurance, you'll want to know about this tax credit that you can apply to what you pay each month for your plan.
Because of the Affordable Care Act, many people who buy their own health insurance can get financial assistance that lowers your costs. This assistance is called a subsidy. 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 premium—what you pay each month to maintain your health coverage. You can apply it to our bronze, silver, gold and platinum plans. Here's what else you need to know about the premium tax credit.