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HI… I’M ALEXIS …AND I WORK FOR THE INTERNAL REVENUE SERVICE.

DID YOU KNOW THAT IF YOU GET YOUR HEALTH INSURANCE COVERAGE THROUGH THE HEALTH INSURANCE MARKETPLACE YOU MAY BE ELIGIBLE FOR THE PREMIUM TAX CREDIT?        

THE PREMIUM TAX CREDIT CAN HELP MAKE PURCHASING HEALTH INSURANCE COVERAGE MORE AFFORDABLE FOR PEOPLE WITH MODERATE INCOMES.          

TO QUALIFY FOR THE CREDIT… YOU MUST MEET FOUR COMPONENTS.      

YOUR INCOME MUST BE WITHIN CERTAIN LIMITS.      

YOU CANNOT BE ELIGIBLE FOR COVERAGE UNDER AN EMPLOYER OR GOVERNMENT PLAN.      

YOU CANNOT BE CLAIMED AS A DEPENDENT ON SOMEONE ELSE’S RETURN.        

AND YOU CANNOT FILE YOUR TAX RETURN USING THE MARRIED FILING SEPARATELY STATUS.

WHEN YOU APPLY FOR COVERAGE THROUGH THE MARKETPLACE… YOU CAN CHOOSE TO “GET THE CREDIT NOW” OR YOU CAN CHOOSE TO WAIT AND “GET IT LATER.”        

IF YOU CHOOSE TO GET THE CREDIT NOW… YOU CAN ASK THE MARKETPLACE TO PAY SOME OR ALL OF THE ESTIMATED CREDIT IN ADVANCE DIRECTLY TO YOUR INSURANCE COMPANY.       

THAT WILL HELP LOWER YOUR OUT-OF-POCKET PREMIUM COSTS.         

IF YOU CHOOSE TO WAIT LATER… YOU WILL CLAIM THE CREDIT WHEN YOU FILE YOUR NEXT TAX RETURN WITH US.        

IF YOU RECEIVE AN ADVANCE PAYMENT… BE SURE TO REPORT CHANGES TO YOUR HEALTH INSURANCE MARKETPLACE …SUCH AS INCREASES OR DECREASES IN YOUR INCOME OR FAMILY SIZE…WHEN THEY HAPPEN.       

REPORTING CHANGES WILL MAKE SURE YOU GET THE CORRECT AMOUNT OF THE ADVANCED CREDIT.         

THAT’S IMPORTANT BECAUSE RECEIVING TOO MUCH OR TOO LITTLE IN ADVANCE CAN AFFECT YOUR REFUND OR BALANCE DUE WHEN YOU FILE YOUR TAX RETURN.      

FOR MORE INFORMATION ABOUT THE PREMIUM TAX CREDIT…VISIT I-R-S-DOT-GOV-SLASH-A-C-A.

Page Last Reviewed or Updated: 24-Apr-2014