If you’re getting a subsidy to pay for health coverage bought on an exchange…Notify the exchange of changes that could affect the health premium credit.
This could include changes in family size, household income and other circumstances, such as starting a job with an employer that provides health coverage to employees.
If your 2018 income ends up being higher than estimated when you bought your policy, the health premium credit that you figure on your tax return year may be lower
than the advance premiums you got, leading to a smaller refund or even a tax bill.
Let’s take a look at who qualifies to take the credit.
It’s available for people with household incomes ranging from 100% to 400% of the federal poverty guidelines:
- $12,060 to $48,240 for singles and
- $24,600 to $98,400 for a family of four in 2018.
Individuals who are eligible for Medicare or other federal insurance do not qualify. Nor do people who are able to get affordable health coverage through their employer.