Do you qualify for an advanced premium tax credit (APTC) for individual plans on the exchange in Idaho?
Do you qualify for an advanced premium tax credit (APTC) for individual plans on the exchange in Idaho?
People can qualify for a advanced premium tax credit in the state of Idaho if they are below a certain income threshold. Your income estimate is based off of what you will make in the coming year, based on the information you have right now. It is also based on your tax household, which will be the people that you will be claiming on your taxes in the coming year.
It’s also based on the price of the plans available to you and pricing of plans is based on people’s ages. For example, a single person making 50k per year who is 34 may qualify for $86 per month in tax credit to use towards their premium, whereas a 62 year old single person making the same amount may qualify for $342 per month in tax credit to use towards their premium.
See this link for information about income limits on the Idaho Department of Health and Welfare website.
This information is taken from YourHealthIdaho.org and Healthandwelfare.idaho.gov.
This information is accurate as of May 10, 2022
How do I apply and see if I can qualify for an advanced premium tax credit (APTC) to use as an individual on the exchange in Idaho?
What is an advanced premium tax credit (APTC)?
Mar 11
An advanced premium tax credit is a tax credit that the government is giving you in advance to use to offset the price of your premium. It is based on an estimate that you provide on your application based on your current income information.
You apply through the Idaho Department of Health and Welfare and submit your income information, and they determine if and how much you qualify for based on the information you provide. You then can use that tax credit on YourHealthIdaho to shop and buy a plan. The advanced premium tax credit (APTC) is sent directly from Department of Health and Welfare to your health insurance carrier, and you will pay the difference.
At the end of the year when you do your taxes, you will be sent a 1095-B form. This shows how much tax credit you used and how much you qualified for. When you do your taxes, you submit your actual income amount for the year, and the IRS reconciles how much tax credit is owed to you or to them based on the difference between your estimate and your actual income amount.
What income information do I need to do my advanced premium tax credit (APTC) application?
How do all the systems work together?
