A is the premium amount paid. B is the Second Lowest Cost Silver Plan (SLCSP). second-lowest priced health insurance plan in the Silver category that was available when you applied for insurance.
Column C is an advance (subsidy amount) on your Premium Tax Credit. Taxpayers who are eligible for the premium tax credit have a choice in how they receive it. You generally make the choice at the time you buy coverage in the Marketplace. The options are:
- Use the credit to reduce your taxes when you file your return at tax time.
- Use the credit to reduce your insurance premiums in advance when you pay the insurance premiums.
The first option is pretty straightforward: At tax-filing time, you figure the amount of your credit and then subtract that amount from your tax liability.
The second option is more complicated, because the government gives you the credit in advance—by sending money to your insurer to reduce your premiums. In this case, you figure the amount of your credit and compare it to the amount paid to your insurer to reduce your premiums.
The amount was calculated based on what you estimated your 2024 income would be, along with how many people your plan needed to cover and where you lived.
Now that you're reporting your actual 2024 income, ZIP code, and family size, we used this info to calculate the discount you should've received throughout the year, and made the necessary adjustment.
Premium Tax Credit
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