The advanced premium tax credit (APTC) is a federal subsidy that lowers the monthly premium for qualifying individuals and families making health care coverage more affordable.
The amount your receive is based on how many people are in your household and your annual household income. You must file your federal income tax return each year to receive APTC.
When enrolled in a health plan through Covered California, you’ll receive a 1095-A tax form that will serve as your proof of insurance and show you the Advanced Premium Tax Credit you received for the year.
If you currently receive tax credits to help pay you monthly health insurance premiums, be sure your information is up to date to avoid any surprises at tax time.
The IRS will compare the Advanced Premium Tax Credit you received during the year with what you qualify for based on your federal income tax return. This is known as “reconciliation.”
It is possible that you may get money back or owe money to the IRS when you file your federal income taxes based on the information that you provided to Covered California when you enrolled or updated during the year.
Simply log on to your account at CoveredCA.com or contact The Benefits Store and one of our certified agents are able to help you securely report any changes related to your household income or household size
By keeping your application information up to date and notifying Covered California within 30 day of any chances, you can be assured that you’re receiving the right amount of financial help. Plus, you’ll avoid owing extra taxes to the IRS.
For more information contact The Benefits Store at: (800) 446-2663 or visit: www.BenefitsStore.com