Do I qualify for a subsidy?
Many people whose employers do not help pay for health
insurance will qualify for financial help to pay for private insurance. You
must buy coverage through Healthcare.gov,
the federal website.
Eligibility depends on your family size and household
income. For example, a family of four making up to $94,200 (400 percent of the
2013 federal poverty level) will be eligible for tax credits to help lower monthly
How do tax credits work?
If you qualify for tax credits, you can:
- Have all or part of the credit paid in advance to your insurance company
to lower what you pay for your monthly premiums
- Wait to claim all of the credit when you file your tax return for the year
If you use tax credits before filing your taxes, you
must update Healthcare.gov during the year if you have changes to income, family
(such as having a baby), or employment (such as getting a job where health insurance
coverage is offered). Healthcare.gov will change the tax credit amount to reflect
the new information.
If you forget to update Healthcare.gov, you might owe
money at tax time. You can also find more about the tax credit and filings your