The individual insurance market disease is growing at a significant rate. To adapt to the changing market, health insurance brokers are dusting off their individual product lines once ignored the demand service. One of the factors influencing the growth of individual health insurance market is the availability of credits and grants .
Are you comfortable Obamacare tax answering customers' questions about tax premium credits? To help you, here are four questions and answers, all brokers should know about the tax credits of the premium.
1. What are the Premium tax credits? 
The federal government offers discounts for health insurance to individuals and families eligible. The tax assistance program, called premium tax credits, help people buy individual or family insurance coverage more affordable health in the new states of health insurance markets. Tax credits for Medicare are "advanced payment", which means they can be applied to your premium when you buy a health insurance coverage.
Your customers can access the tax credit premium by purchasing a health plan available the health insurance market in your state.
2. Am I eligible for premium tax credits?
Customers are eligible for a tax credit on premiums if they meet certain conditions of income and do not have access to affordable health insurance through an employer's program or the government, such as Medicare or Medicaid.
the tax credits are available for households with incomes up to 400% of the federal poverty line (FPL). This means households earning up to $ 46,680 for an individual in 2014, or $ 95,400 for a family of four, qualify
For more information on eligibility, see :. Am I eligible for premium tax credits?
3. What support will I receive?
The premium tax credits act as a cap on how much your customers pay for health insurance. The insurance premium is capped on a sliding scale from 2% to 9.6% of revenues, depending on income. For example, if your customer makes $ 23,340 per year (0% FPL), the maximum amount they will pay for health insurance is 6.34% of the income that is $ 1.480 / year ($ 123 / month) .
Your customers can use a tax credit calculator on premiums ( like this ) to estimate their premium amounts and tax credit.
4. How many people receive premium tax credits?
In 2015, 87% of people who bought a health plan through the market received a discount, paying $ 105 / month on average in all types of plans health (gold, silver, etc.)
Related :. Snapshot market - 87% qualify for Discounts, average cost of $ 105 / month
Conclusion
in as brokers grow their business through the sale of individual health insurance policies, it is common for prospects and customers to have questions about the tax credits of the premium. By mastering the basics such as what tax credits are, who is eligible and how much they are eligible, you will continue to be a trusted expert on health reform.
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