APTC, or Advanced Premium Tax Credit, is a subsidy provided by the federal government to help lower-income individuals and families afford health insurance through the health insurance marketplace. The amount of the APTC is based on factors such as income, household size, and the cost of health insurance in the individual's area.
To be eligible for APTC, individuals must meet certain household income requirements and not have access to affordable health insurance through their employer or another government program. The APTC can be used to help pay for monthly insurance premiums or can be claimed as a tax credit when filing a federal tax return.
It is important for individuals to report any changes in income or household size to the health insurance marketplace, as this can affect the amount of APTC they are eligible to receive. Failure to report changes can result in owing money back to the government when filing taxes.
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