Premium Tax Credits

Premium Tax Credits are subsidies provided by the government to help eligible individuals and families afford health insurance purchased through the Health Insurance Marketplace. The amount of credit you receive depends on your income, household size, and the cost of coverage in your area. Essentially, the credits reduce your monthly premium costs, making health insurance more affordable. When you file your taxes, you may claim these credits to lower your tax bill or get a refund. They are designed to assist those with limited incomes in accessing quality healthcare coverage without financial hardship.