The Affordable Care Act provides a tax credit to help you afford health coverage purchased through the Connect for Health Colorado marketplace. Advance payments of the tax credit can be used right away to lower your monthly premium costs. If you qualify, you may choose how much advance credit payments to apply to your premiums each month, up to a maximum amount. If the amount of advance credit payments you get for the year is less than the tax credit you’re due, you’ll get the difference as a refundable credit when you file your federal income tax return. If your advance payments for the year are more than the amount of your credit, you must repay the excess advance payments with your tax return.
Once you have picked a health plan through Connect for Health Colorado marketplace, you must report certain life changes. This information may change the coverage or saving your qualify for.