More than 60% of individuals who purchased health coverage through Washington Healthplanfinder received a subsidy to lower their health premiums, according to the Washington Office of the Insurance Commissioner.
This subsidy is the primary form of financial help available from the federal government. It’s also known as a premium tax credit. If you qualify, you may be able to buy a health plan for little or no cost. Here's how to find out if you're eligible and how you can apply.
Qualifying for a tax credit
The tax credit is based on your household income and family size. The amount of the tax credit is determined by your estimated income, specifically your modified adjusted gross income. Your 2017 tax forms (or 1040) can help you estimate your income for 2019. You'll also need to update your information if your income changes, because of a job loss or if your employer no longer provides health coverage.
Individuals and families who earn between 100 to 400 percent of the Federal Poverty Line may qualify:
- The FPL was $12,140 for an individual and $25,100 for a family of 4 in 2018.
- That means an individual’s income would need to be less than $48,560.
- For a family of 4, household income would need to be under $100,400.
Reducing your monthly premium
If you qualify for aid, you have 2 options:
- You can apply part or all your tax credit to lower your monthly payment. The federal government will pay your health insurance company.
- You can wait to claim your tax credit at the end of the year when you file your income tax return.
Whichever way you apply it, your tax credit is based on your estimated income and may be adjusted when you file your tax return. For example, the credit awarded when you bought your plan may end up less than what you're due. If so, you'll receive the difference as a refundable credit on your income taxes. Or the tax credit for the year may add up to more than your income allows. Then you'll need to repay the difference on your tax return.
You can take action if your income changes dramatically during the year. You’ll want to contact Washington Healthplanfinder so they adjust your tax credit.
Re-qualifying in 2019
Stay with Premera
Open enrollment is here. If you're a current Premera customer, log in to to see any 2019 plan changes and confirm your intent to renew.
Sign into your account If you purchased health insurance in 2018, you'll need to re-apply for a 2019 tax credit. Keep in mind that you're not eligible for financial help if you're on Medicare or certain other government programs. Your financial
eligibility will be re-verified each year when you renew your health plan.