Are You Eligible for Tax Credits?

Depending on household income levels, you may be eligible for federal Advance Premium Tax Credits that reduce your monthly health insurance premiums.

The federal Premium Tax Credits and are NOT available to people eligible for Health First Colorado (Medicaid) or Medicare or who have affordable coverage through an employer or if your income is too high.

Federal Premium Tax Credits are based on (1) the size of your household and (2) your household’s Modified Adjusted Gross Income.

1. Determine Size of Your Household

DO Include	DON’T Include
Yourself Your spouse or unmarried partner who needs health coverage Your children who live with you, even if they make enough money to file a tax return themselves Anyone you include on your tax return as a dependent, even if they don’t live with you Anyone else under 21 who you take care of and lives with you	Your unmarried partner who doesn’t need health coverage and is not your dependent Your unmarried partner’s children, if they are not your dependents Your parents who live with you, but file their own tax return and are not your dependents Other relatives who file their own tax return and are not your dependents. See IRS rules on dependent qualification.

2. Estimate Your Household Income

Household income includes the household income of the taxpayer & spouse, and dependents if the dependents earned enough to file a tax return.  Married couples MUST file jointly in order to get a Advance Premium Tax Credit.

To estimate your household income, add the total income from the sources below for (1) you and your spouse and (2) any dependents who make enough money to be required to file a tax return:

DO Include: Wages, Salaries & Tips, Net income from self-employment or business, Unemployment compensation, Social Security payments, including disability payments, Income from investments, retirement, pensions & rental income, Other taxable income such as prizes, awards, and gambling winnings.

DON’T Include: Child support, Alimony, Gifts, Supplemental Security Income (SSI), Veterans’ disability payments, Workers’ compensation.

Keep in mind that federal Premium Tax Credits are based upon your household’s Modified Adjusted Gross Income.  Advance Premium Tax Credits are based on income estimates and will be reconciled when you file your federal income taxes, so try to be as accurate as possible.   Significant mid-year changes in income should be reported to Connect for Health Colorado within 30 days.

If a family member are eligible for Health First Colorado or CHP+ that family member will not be eligible for any Premium Tax Credits.    Please request a quote, so we can verify if you’re tax credit eligible.

 

Get free professional assistance and quotes on all the plans both through Connect for Health Colorado and directly from insurance carriers.

Note that even if you do not qualify for financial help, you can still get an Affordable Care Act compliant health insurance plan.

Get a quote and more information about ACA plans in Colorado.

You can also use the subsidy calculator to give you a rough estimate.

Get a quote and more information about ACA plans in Colorado.

Learn More About Affordable Care Act Plans in Colorado:

• Navigating Affordable Care Act Plans
• Affordable Care Act 101
• Special Enrollment Periods
• ACA Plan Cost Factors
• ACA Questions & Answers
• Affordable Care Act for Employers

 

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