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How does the new Health Insurance Premium Tax Credit work?

The new premium tax credit helps reduce premium costs and lower cost-sharing. It can only be used for coverage purchased through the Marketplace. People who qualify for the tax credit can get it in advance without waiting until they file their taxes. The advance payment is sent to the insurance company that the consumer selects to reduce the monthly insurance premium. Consumers also have the option of waiting until they file their taxes or taking just a portion of their estimated tax credit in advance.

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