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Tax Tips

You May Get a Tax Credit for Health Insurance

Health Insurance Medical Benefits 2

Are you eligible for a tax credit to help pay for health insurance premiums? The Affordable Care Act provides for such tax credits for millions of people, yet many still may not be aware that they're candidates for the subsidy. It may surprise you to find that a household of five people with modified adjusted gross income of $110,000 may still be eligible.  

Consumer Reports' new, interactive Health Tax Credit Tool has recently been introduced to help consumers find out whether they're eligible for help. You'll have to answer a few quick questions about whether you currently get Medicaid, whether your employer offers insurance to employees, your state of residence, and family size. Click on the green arrows wherever you see them; they'll link to pages with more information and guidance that might help you save money covering your family.

Some things to know:

• You can only get the credit if you apply for coverage through your state Health Insurance Marketplace.

• You must complete your application and purchase insurance by March 31, the end of the open-enrollment period for buying coverage in 2014. (The coverage is not retroactive to the beginning of the year.)

• When you apply and learn the size of your credit, you can decide whether to use it immediately to lower the cost of your monthly premiums or take it as a refund when you file your 2014 tax return (that's the one you'll file next tax season, in 2015).

Tobie Stanger and Nancy Metcalf

Copyright © 2005-2014 Consumers Union of U.S., Inc. No reproduction, in whole or in part, without written permission. Consumer Reports has no relationship with any advertisers on this site.

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