2013
If I guess wrong and my income is higher than expected in 2014, will I have to repay some or all of the credit?
Sure will, with the possible exception if you are on Medicaid, but for people with incomes up to 400% of the poverty level, there is a cap on what you may have to repay.
Will I get the tax credit regardless of the plan I select (bronze, silver, gold or platinum)?
Yes
How long will I have to wait to get the credit?
You don’t have to wait at all. You can have your credit sent monthly to your insurance company so your premium is reduced immediately OR you can wait until you file your 2014 tax return to claim the credit.
Do people who receive a credit have to file a 2014 tax return?
Yup
In addition to tax credits, I heard that low-income people can get assistance in paying deductibles and coinsurance, is that true?
It is, but that assistance only applies in a benchmark silver level plan.
Can the tax credits be used if a person buys a catastrophic plan?
Nope, and remember a catastrophic plan is generally only available to individuals under age 30.
If I estimate wrong and my actual income in 2014 is less than I thought, could I receive an additional tax credit?
Yes, when you file your income tax return for 2014, your actual credit will be determined.
Does everyone with the same income receive the same tax credit?
No, the amount of the premium credit that an individual or family receives will take into account family size, geographic area, and age.
If you need more details about the Obamacare marketplace tax credit, check out this report from the Center on Budget and Policy Priorities.
Related articles
- IRS Has No Strategy for Fraudulent Obamacare Tax Credits (freebeacon.com)
- Audit: Health care subsidies vulnerable to fraud (thedailyrecord.com)
- Audit warns of fraud in Obamacare subsidies (triblive.com)
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