Is Health Insurance Tax Credit Changing In 2024?
The American Rescue Plan Act extended increased tax credits through 2025. This means that millions of Americans will continue to qualify for lower health insurance premiums.
A Vital Recap of Affordable Care Act (ACA)
The Affordable Care Act (ACA), also known as Obamacare, was signed into law in 2010. One of the main goals of the ACA was to make health insurance more affordable for Americans. The ACA did this by creating health insurance exchanges, which are online marketplaces where people can shop for health insurance plans. The ACA also provides tax credits to help people pay for health insurance.
Elaborating on Health Insurance Tax Credit
The health insurance tax credit is a refundable tax credit that helps people pay for health insurance. The amount of the tax credit is based on a person’s income and family size. For 2023, the average tax credit was $2,696.
Why 2023’s Health Insurance Tax Credit is Important
In the past, the health insurance tax credit has been set to expire. However, the American Rescue Plan Act extended the increased tax credits through 2025. This means that millions of Americans will continue to qualify for lower health insurance premiums.
How to Get Health Insurance Tax Credit
If you qualify for the health insurance tax credit, you can claim it on your federal income tax return. You can also get the tax credit in advance by having it paid directly to your health insurance company. To get the tax credit in advance, you will need to complete Form 8962, Premium Tax Credit.
Seeking for Professional Help
If you need help understanding the health insurance tax credit or if you want to enroll in a health insurance plan, please contact a licensed agent. They can help you determine if you qualify for the tax credit and can assist you in finding a plan that meets your needs.
Question? or Need a Free Quote?
Contact Us
Reach out to us for free expert insurance advice and solutions. We will help you solve ACA (Obamacare) related questions and problems. Will contact you within 24 hours of receiving your message.