MNSure Advanced Premium Tax Credit (APTC) Process

APTC PROCESS

What is an APTC?

APTC stands for Advanced Premium Tax Credit. It is available to apply for through MNSure, Minnesota’s Health Insurance Exchange. An APTC is used to lower your monthly premium costs. It must be applied to a private individual health plan through MNSure (catastrophic and dental plans are excluded).

Am I eligible for an APTC through MNSure?

Factors:

• MN Resident
• Projected annual income
• # of people in your household that are seeking coverage through a private health plan through MNSure
• Access to employer coverage
• Age (affects your premium price)
• The Benchmark plan: the second lowest cost silver plan available in your area.
• The maximum % of your household income that you should have to spend on health insurance. (2023’s percentage is 8.5%)
• Medical Assistance or MinnesotaCare Eligibility

• Incomes under 133% of FPG are eligible for Medical Assistance
• Incomes under 200% of FPG are eligible for MinnesotaCare
  
  

MNSure has a quick calculator to estimate if you are eligible, but the only way to know for sure is through an application.

MNSure Financial Assistance Eligibility Calculator

STEPS:

1. Create a MNSure account if you do not already have one
   
   
2. Apply WITH Financial Assistance
   
   
3. If you are eligible for an APTC, it will tell you what dollar amount you are eligible for.
• This is what can be applied to the monthly premium
  
  
4. When enrolling in a plan, your broker will assist you in selecting a plan and ensure this Advanced Premium Tax Credit is taken off the monthly premium.
   
   
5. When you file your taxes, you will complete a 1095-A Form
   
   
• This is the reconciliation method
• If you under-estimated your projected income, you will receive more money in your tax return
• If you over-estimated your projected income, money will be taken from your tax return
• This is to make sure you did not pay more or less than that set percentage of your income on health insurance premiums. There is no penalty for this under or over estimating. They are aware that it is hard to project your household’s annual income with 100% accuracy.