HOUSTON, Texas - If you value your health as much as your money, pay attention. The Affordable Care Act, a.k.a. Obamacare, says that all Americans must have health insurance. Otherwise, you'll have to pay a fine. But little did you know that you could also be eligible for a subsidy on your monthly premiums.
"Go through your healthcare.gov account and you'll get a credit, a subsidy, which is based upon your total income," explained Noris Hernandez, H&R Block Tax Specialist and Office Manager.
The premium tax credits can be paid to your insurer in advance to lower your monthly premium, or adjusted later on your tax returns.
"For example, if you're earning between $20,000 to $25,000 a year you might get a credit in advance of up to $112 for your premium," said Hernandez.
It sounds awesome. But the catch 22 is, "Anyone that goes through the healthcare.gov website will actually get a subsidy," she added. "But it also depends on your income. So, not everybody will be able to get that credit."
So, it's time for a financial checkup, that is if you don't want your health to fall through the cracks.