Whether or not you qualify - and the amount - depends on your estimated income for that year, how many people are in your tax household, your age, and your ZIP code.Ĭheck out our interactive calculator to find out how much financial help you can get to pay for health coverage. You can only apply for financial help through Covered California. To avoid any surprises come tax season, report these changes to Covered California. ![]() That means, if you end up making more or less money than when you applied, then the amount of your financial help could change. Financial help is based on your household income. You can also choose to receive this money as one lump sum come tax time. If you qualify, you can receive financial help as a reduction to your monthly insurance premium. ![]() Applying for insurance through Covered California is the only way to receive this help. That’s why they are specifically referred to as premium tax credits. Health insurance tax credits are financial help from the federal government that lowers your monthly premium. Financial Help, Health Insurance & Your Taxes ![]() Consider this, if you owe $2,000 in taxes and have an unused tax credit of $2,500, you’ll get a check for $500. The bonus is that tax credits actually lower how much you owe and, even better, health insurance tax credits are actually refundable. Examples include everything from buying energy-efficient appliances to purchasing health insurance. When the government wants to encourage you to do something, they often offer you a tax credit. Learn how to take advantage of financial help and avoid tax penalties when enrolling for health insurance.
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