The amount of your premium tax credit depends on the estimated household income you put on your Nevada Health Link application.
You can apply some or all of this tax credit to your monthly insurance premium payment. Nevada Health Link will send your tax credit directly to your insurance company, so you'll pay less each month. This is called taking an advance payment of the premium tax credit.
If your income changes, or if you add or lose members of your household, your premium tax credit will probably change too.
It's very important to report income and household changes to Nevada Health Link as soon as possible.
- If your income goes up or you lose a member of your household: You'll probably qualify for a lower premium tax credit. You may want to reduce the amount of tax credit you take in advance each month. This way you don’t wind up taking more credits than you qualify for and having to pay it back.
- If your income goes down or you gain a household member: You'll probably qualify for a bigger premium tax credit. You may want to increase the amount of tax credit you take in advance so you have a lower premium bill each month.
If at the end of the year you've taken more advance payments of the premium tax credit than you're eligible for, you may have to pay money back when you file your federal income tax return.