Covered California Tax Credits 101

Are you enrolled in Covered California, and wondering what tax subsidies you are eligible for? Well, to qualify for tax credits, you must fulfill the following criteria:

1. Be a U.S. citizen, national, or legal immigrant who is enrolled in Covered California
2. Your annual household income must be between 138%* and 400% of the Federal Poverty Level (FPL)
3. You must not be eligible for any other form of public health insurance

What is a tax credit? Tax credits exist in order to decrease how much people who are enrolled in Covered California have to spend on health care. There are two different forms of tax credits that the enrolled can take advantage of:

1. Premium Assistance: Again, you must have an annual household income of between 138%* and 400% of the FPL. You can use this for the bronze, silver, gold, or platinum health plans, and can opt to receive it ahead of time to lower your monthly installments.
2. Cost-Sharing Subsidies: To receive this tax cut, you must meet the requirements for Premium Assistance, and your income must be between 138%* and 250% of the FPL. Additionally, you must have a silver-level plan.

If you have any additional questions regarding health insurance in Sonoma County, please contact Sackett & Associates Insurance Services!