, Tax ManagerTaxPro Moderator
There is a new tax credit called the Advance Premium Tax Credit. Its purpose is to help you afford insurance purchased through the Marketplace by offsetting part of the monthly cost of the premium. Eligibility is based on your family size and income.
This credit will generally not apply to you if you have insurance through your employer. There are two exceptions to this rule:
(1) The coverage from the
employer is not considered affordable;
(2) The coverage from the employer does not meet minimum essential coverage requirements.
considered affordable, the employee's required contribution for the tax year for
the lowest-cost self-only coverage under the eligible employer-sponsored plan cannot
be more than 9.5% of the employee's household income for the tax year. Most
plans will meet minimum essential coverage requirements – you can check with
your insurance provider to make sure the plan you have does.
Here is an online calculator that can help you determine if you may qualify for a credit.
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