If you enroll in coverage through Virginia's Insurance Marketplace, you may qualify for premium tax credits to lower the cost of health coverage. The amount of your premium tax credit you qualify for depends on your estimated household income, the number of people in your household, and other factors.
You can apply some or all of this tax credit to your monthly insurance premium payment. Virginia's Insurance Marketplace will send your tax credit directly to your insurance company, so you'll pay less each month. This is called taking advance premium tax credits, or APTC.
It's very important to report any income or household changes that occur throughout the year to Virginia's Insurance Marketplace within 30 days. If your income changes, or if you add or lose members of your household, your premium tax credit will probably change too.
You can also adjust the amount of your tax credit you take in advance each month. If at the end of the year you've taken more advance payments of the premium tax credit than you're eligible for, you may have to pay the money back when you file your federal income tax return.