Everything You Need to Know About The Health Care Tax Credit

Need to get health insurance through an Affordable Care Act exchange? You may be eligible for help.

Photo of a stethescope on top of an insurance form
(Image credit: Getty Images)

 Health insurance can be expensive. But thanks to Obamacare, people who otherwise can’t get affordable coverage through their employers can purchase insurance through an exchange and qualify for the premium tax credit (PTC) to reduce premiums. The PTC is about to celebrate its 10th birthday, and it has grown from when it began. The recently passed Inflation Reduction Act preserved a 2021 and 2022 expansion of the PTC for three more years, through 2025, just in time for open enrollment, which begins Nov. 1. Not only will more people continue to qualify for the PTC, but bigger credits remain in place for many.

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Joy Taylor
Editor, The Kiplinger Tax Letter

Joy is an experienced CPA and tax attorney with an L.L.M. in Taxation from New York University School of Law. After many years working for big law and accounting firms, Joy saw the light and now puts her education, legal experience and in-depth knowledge of federal tax law to use writing for Kiplinger. She writes and edits The Kiplinger Tax Letter and contributes federal tax and retirement stories to kiplinger.com and Kiplinger’s Retirement Report. Her articles have been picked up by the Washington Post and other media outlets. Joy has also appeared as a tax expert in newspapers, on television and on radio discussing federal tax developments.