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Understanding Advanced Premium Tax Credits (APTCs)

Understanding Advanced Premium Tax Credits (APTCs)

As the deadline for Health Insurance Open Enrollment approaches (January 31st, 2017), it is important to understand how the Advanced Premium Tax Credits and Cost-Sharing Reductions available though Covered California apply to you.

Advanced Premium Tax Credits (APTCs)

Advanced Premium Tax Credits (APTCs) help pay for insurance premiums, while Cost-Sharing Reductions reduce the amount you would pay when you use the health insurance (for costs such as co-pay, deductibles, etc)

  • Eligibility for APTCs is determined by your Modified Adjusted Gross Income (MAGI). When seeking assistance for spouse and children who are claimed as dependents on your tax return, the income of said dependents counts toward household income so taxes must be filed jointly.

  • You may be eligible for Cost-Sharing Reductions if you apply for and receive APTCs AND choose a Silver-Level Plan.

  • If you receive APTCs, you will be required to report any changes in income throughout the year. This may be done through Covered California’s Online Enrollment System.

  • If you are offered health insurance through your employer you may not be eligible to receive APTCs (if it meets the Minimum-Value requirement and is considered affordable). In which case you may need to pay back any APTCs you have received.

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We are happy to answer an questions you may have about enrolling in health insurance during the Open Enrollment period and will help you determine your eligibility for Advanced Premium Tax Credits and Cost-Sharing Reductions. Contact us right away to started! (805) 963-4048

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