YOU MAY QUALIFY FOR A TAX CREDIT OR COST SHARING:
- If your employer does not offer health insurance
- If you do not receive Medicare
- If you fall within these attached income guidelines Connect for Health Colorado Income Guidelines
HOW DOES THE TAX CREDIT WORK?
- It is designed to help lower amount you pay for health insurance.
- Amount of tax credit depends on; 1) Family income, 2) Age, 3) Size of Family, and 4) Where a person lives.
THERE ARE TWO WAYS TO TAKE THE TAX CREDIT*
- Take tax credit in advance to lower monthly cost for health insurance through ConnectForHealthCO.com exchange.
- Claim the tax credit when you file taxes to reduce the amount of taxes owed the IRS, or if you get a refund, to increase the size of the refund.
*DISCLAIMER: PremierHealthPlans.com, ask that each client discuss with his or her tax accountant/adviser the tax ramifications or changes for the two ways presented.
WHEN DOES THE TAX CREDIT START?
Tax credit applies to health insurance that takes effect January 1, 2017. Open-Enrollment period for insurance purchased through ConnectForHealthCO.com
CAN TAX CREDIT BE USED FOR ANY HEALTH PLAN?
No, if you are a Colorado resident, you must buy health insurance through ConnectForHealthCO.com to get the tax credit.
TALK WITH US ABOUT YOUR OPTIONS, WE CAN HELP YOU.
- Save on your monthly health insurance costs
- Avoid a penalty at the end of the year
- Get the peace of mind health insurance provides in the event of an emergency or long term health issue
If you did not have coverage in 2016, you will be penalized when you file your 2016 tax return in April of 2016:
*Either 2 percent of your yearly household income or $325 per person for the year ($162.50 per child under 18), whichever is greater. The maximum penalty is $975 per household
In 2016, the penalty goes up to:
*Either 2.5 percent of your yearly household income or $695 per person for the year ($347.50 per child under 18), whichever is greater.
The deadline to apply for 2017 coverage is January 31, 2017. Don’t delay.
Individuals in the following situations can get an exemption from the law:
- People who qualify for religious exemptions
- Undocumented immigrants
- People who are incarcerated
- Members of federally recognized tribes and certain other Native Americans
Other exemptions could include:
- The cost of insurance was deemed “unaffordable.” If the lowest cost Bronze level Marketplace plan available to you in 2016 cost more than 8.05 percent of your household income.
- Being homeless
- Eviction in the past 6 months or were facing eviction or foreclosure
- Experiencing a fire, flood, or other natural or human caused disaster that caused substantial damage to your property
- filing for bankruptcy in the last 6 months
- Having medical expenses you couldn’t pay in the last 24 months
If you believe any of the above exemptions, circumstances, or penalties apply to you go to Connect for Health Colorado for additional information.