My wife & I qualified for a Premium Tax Credit of $2553 monthly for 2018 using Healthcare.gov website. We purchased Blue Cross Silver Plan Insurance plan that costs $2000 monthly. We chose the Advanced premium Tax Credit of $2000 monthly making our monthly Premium $0. In the past I chose the entire PTC which reduced premium to about $200 a month. The PTC is much more this year since we are both retired at age 64 with lower income.
What happens to the additional $553 PTC we qualified for? I know I could choose a more expensive plan but we are satisfied with the plan we have.
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Thank you for this correct answer and clear explanation. Both the 2 Marketplace representatives I spoke with told me incorrectly. And I upgraded and paid the $50 for an "expert CPA" to assist me. I spoke with one who I am pretty sure was drunk...and another attempted to be helpful, even called me back twice. But, unfortunately, he told me wrong also. Healthcare.gov and Turbotax experts both told that that since it is "refundable" then I would get back any unused premium credit as an increase to my refund. This would only happen if I owed taxes (which I don't) . I don't get the difference between the CREDIT and the PREMIUM back. The credit won't be higher than the total premium.
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