ACA Health Insurance: Are You Eligible for Tax Credits?
The Affordable Care Act (ACA), also known as Obamacare, is a health insurance reform law enacted in 2010. One of the main goals of the ACA is to make health insurance more affordable for low- and middle-income Americans. The ACA does this by providing tax credits to help people pay for health insurance premiums.
Who is eligible for ACA tax credits?
To be eligible for ACA tax credits, you must meet the following requirements:
Your income must be within a certain range. For 2023, the income limit for a single person is $51,520 and for a family of four is $106,000.
You cannot be claimed as a dependent on someone else’s tax return.
You must not have access to affordable health insurance through an employer.
You must have a qualifying life event, such as getting married, having a baby, or losing your job.
How to claim ACA tax credits
If you meet the eligibility requirements, you can claim ACA tax credits when you file your taxes. You can do this by filling out the Form 8962, Premium Tax Credit.
How much can I save with ACA tax credits?
The amount of ACA tax credits you can save depends on your income and family size. However, the average tax credit is around $500 per person per year.
If you are eligible for ACA tax credits, it is important to claim them when you file your taxes. Tax credits can help you save money on health insurance premiums and make health insurance more affordable.
Here are some additional resources that you may find helpful:
[ACA Tax Credits](https://www.healthcare.gov/coverage-costs-insurance/plans-and-pricing/calculating-premium-tax-credit/)
[Form 8962, Premium Tax Credit](https://www.irs.gov/forms-pubs/about-form-8962)
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