How do I know if I am eligible for premium tax credit or cost sharing reductions?
According to the Internal Revenue Service (IRS) if you earn less than $47,080 in 2016, you may be eligible for a premium tax credit to help you afford coverage. The income limits for financial assistance change with family size. For example, if you are a family of four and earn less than $97,000 in 2016, you may be eligible for assistance. This premium tax credit can be applied on a monthly basis to help reduce the monthly premium cost of coverage, or can be refunded to you when you file your taxes.
However, to be eligible to receive assistance, you must purchase an eligible plan through the Marketplace.
You can estimate your eligibility for a premium tax credit here.
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