Sam and Edna are married with three dependents. They enrolled in a qualified plan through the Marketplace at a cost of $4,900 per year. Their household income was $64,500. Their SLCSP premium is $5,540. What is their premium tax credit?

Question

Quizplus · Accepted Answer

The premium tax credit is calculated as the difference between the SLCSP premium ($5,540) and the amount they are expected to contribute based on their household income. Their expected contribution is calculated using the federal poverty level and their household income. The difference is $864, which is the premium tax credit they are eligible for.

Sam and Edna Are Married with Three Dependents