A tax credit you can take in advance to lower your monthly health insurance payment, or premium. Your eligibility for a premium tax credit is based on the projected income and household information you provide on your Virginia's Insurance Marketplace application.
You may qualify for a premium tax credit if you otherwise qualify for coverage through Virginia's Insurance Marketplace. You can use all, some, or none of your premium tax credit in advance to lower the amount of your premium you pay out-of-pocket every month. You can use a premium tax credit for a plan in any metal category.
If you use more advance payments of the tax credit than you qualify for based on your final yearly income, you must repay the difference when you file your federal income tax return.
If you use less premium tax credit than you qualify for, you'll get the difference as a refundable credit when you file your taxes.
While you can purchase health coverage through other sources, the only way to access premium tax credits is through Virginia's Insurance Marketplace.