Have you lost your Advanced Premium Tax Credit?

Woman reviewing paperwork

This is the first tax season in which the Affordable Care Act is affecting many people’s tax returns. That means people who purchased health insurance through the Health Insurance Marketplace and received advanced premium tax credits to help pay their premiums are now dealing with new tax requirements. If you are one of them, it is important for you to fill out a tax return completely and correctly or you may lose your advanced premium tax credit next year.

The advanced premium tax credit

Open Enrollment for 2016 health insurance runs from November 1, 2015 to January 31, 2016.

January 31, 2016 is the last date to enroll in a 2016 health insurance plan unless you qualify for a Special Enrollment Period.1

The advanced premium tax credit is an advanceable, refundable tax credit designed to help eligible individuals and families afford health insurance purchased through the Marketplace. These tax credits can be used right away to lower your monthly premium costs. If you qualified, you chose how much advanced credit payments to apply to your premiums each month, up to a maximum amount.

If the amount of advanced credit payments you got for the year was less than the tax credit you were due, you’ll get the difference as a refundable credit when you file your federal income tax returns. If your advanced payments for the year were more than the amount of your credit, you must repay the excess advanced payments with your tax return.2

Remember, if you do not file a 2014 tax return, you will NOT be eligible for advanced payments of the premium tax credit or cost-sharing reductions to help pay for your Marketplace health insurance coverage in 2016.

If you missed the April 15 deadline or received an extension to file until October 15, you should file your return as soon as possible. Do not wait. If advance payments of the premium tax credit were paid for you or anyone in your tax family, you must file a tax return. This is true whether or not you would otherwise be required to file one.

If you still have questions, visit Healthcare.gov/taxes to learn more.

Sources:

Open Enrollment for 2016 health insurance runs from November 1, 2015 to January 31, 2016.

January 31, 2016 is the last date to enroll in a 2016 health insurance plan unless you qualify for a Special Enrollment Period.1

Tips to prepare for the doctor's appointment to make it a success

Make the most out of an M.D. visit

Make your next doctor’s appointment a success.

Read Have A Healthier Doctor’s Appointment
Yoga class

Try yoga for more life balance

Check out the different styles of yoga and find the one that fits you best.

Read about yoga’s benefits
Health benefits of triathlons and cross training exercises like swimming, cycling and running

Swim, bike, and run your way to wellness

Get all the benefits of cross training and test your physical and mental limits with things you did for fun as a kid.

Read all about triathlons (link opens in new window)