How do I calculate the Slcsp?
Calculate the required contribution (household income X applicable percentage) Find the Second Lowest Cost Silver Plan (SLCSP) on the exchange. Subtract the required contribution from the SLCSP. Compare the difference to the premiums for the health plan actually enrolled in.
What is Slcsp amount?
SLCSP stands for Second Lowest Cost Silver Plan, which is the second-lowest priced health insurance plan in the Silver category that was available when you applied for insurance at Healthcare.gov or your state’s Health Insurance Marketplace.
What is a monthly premium Slcsp?
If the individuals enrolled through a state-based Marketplace, go to the state’s website or call your state’s marketplace to determine the SLCSP premium. The SLCSP premium is the premium for the second lowest cost silver-level plan that covers all the members of the coverage family.
What is advance payment of PTC?
A tax credit you can take in advance to lower your monthly health insurance payment (or “premium”). When you apply for coverage in the Health Insurance Marketplace®, you estimate your expected income for the year.
How are advanced premium tax credits calculated?
The amount of the advance premium tax credits that people receive is based on an estimate of the income the household expects for the year. The final amount of the credit is based on their Page 8 8 actual income as reported on the tax return for the year the advance payment was received.
How do I report excess advanced PTC?
If you have excess APTC for 2020, you are not required to report it on your 2020 tax return or file Form 8962, Premium Tax Credit (PTC). If you’re claiming a net Premium Tax Credit for 2020, you must file Form 8962, Premium Tax Credit (PTC).
What is the benchmark silver plan?
Benchmark plan is the term used to describe the second-lowest-cost Silver plan available in the exchange, and it’s also the term for the plan that each state designates as the standard for essential health benefits (EHBs).
How do I calculate my premium tax credit?
To calculate the premium tax credit, the marketplace will start by identifying the second- lowest cost silver plan that that is available to each member of the household, called the “benchmark plan.” The amount of the credit is equal to the total cost of the benchmark plan (or plans) that would cover the family minus …
Do I have to pay back the advance premium tax credit?
If at the end of the year you’ve taken more premium tax credit in advance than you’re due based on your final income, you’ll have to pay back the excess when you file your federal tax return.
How do I calculate my APTC?
The APTC equals the difference between (1) the cost of the “second-lowest cost silver plan” available to you (based on your age, family size, and county of residence) and (2) the maximum amount you are expected to pay towards your health insurance premiums.