Back to Glossary H listing

Health Insurance Premium Tax Credit (HIPTC)

Health insurance premium tax credits (also known as tax credits, premium tax credits, or advance premium tax credits) help lower the cost of your monthly health plan premium.

The Affordable Care Act provides tax credits to help you afford coverage purchased through Washington Healthplanfinder. The amount of tax credits you’re eligible for depends on your income and household. If you qualify, you can use all or some of the tax credits to lower your monthly health plan premium.

You report tax credits when you file your annual income tax. If your actual income is different from the estimated income you entered at the time you applied for coverage, the IRS will adjust your tax return as needed.