APTC could give you a financial benefit.
It is a tax credit used to lower health insurance costs.
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What is APTC?
APTC, otherwise known as Advance Premium Tax Credit, is designed to help you save money. Read more about it here.
Upon enrolling in Marketplace insurance, Marketplace can compute your estimated credit. That credit is paid to your insurance company to lower what you pay for your APTC.
Another option is to choose to get the entire benefit of the credit when you file your tax return each year. APTC is designed to lower the monthly cost of your health insurance. The tax credit is only available when you get your plan through kynect. It is based on your income and household size.
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Do I qualify?
You may qualify for APTC if your employer does not offer health insurance. If your employer does offer health insurance but it isn’t affordable or does not provide a minimum value.
You can also get APTC if you don’t get Medicare, Medicaid, VA health benefits, or tricare.
If you have taken more APTC than your final income, you’ll have to pay back the excess when you file your tax return. If you’ve taken less, you’ll get the difference back.
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