Back to Glossary P listing

Premium Tax Credit

A premium tax credit reduces premium costs. Tax credits can be used when you make your premium payment. This help is also known as a health insurance premium tax credit (HIPTC) or advanced premium tax credit (APTC).

The Affordable Care Act provides a new tax credit to help you afford health coverage purchased through Washington Healthplanfinder. The amount of the tax credit depends on what you estimate your income will be when you file your taxes the following year. If you qualify, you may apply all or a portion of the tax credits to lower your monthly premiums.

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

To find out if you are eligible for tax credits, visit wahealthplanfinder.org or call 1-855-WAFINDER (1-855-923-4633).