Access HeaLth

Access Health CT  Exchange

Individual Healthcare through the Access Health CT Exchange

 Access Health CT Health Exchange  – WHAT IS IT?

With the introduction of the Affordable Care Act (ObamaCare) states were able to offer affordable health care through state regulated exchanges. In Connecticut, the exchange is called “Access Health CT”

Access Health CT is not an insurer. It is a government agency that determines whether or not an individual (or their family) is eligible to take advantage of Advanced Tax Credits to help pay for their premium, thus lowering their initial outlay of cash to pay for their healthcare.

What does that mean? Based on family size and annual household income, the exchange can determine whether or not you would be eligible to receive credits at tax time for premiums paid. If you are, the exchange can apply those credits, up front, during the billing cycle for your healthcare premiums. However, if you use the Advanced Premium Tax Credits to pay for your healthcare, you cannot expect to receive the credits at tax time as well, and in fact will need to reconcile those credits with an additional form              (Form 1095A) to the IRS at tax time.

It is important to know that if you “under report” your income, those Advanced Tax Credits that you weren’t actually entitled to, will be taken out of any tax refund you may be entitled to and if there is not refund due, you may owe money at tax time to the IRS.

You can access the exchange yourself and build a profile or you can seek assistance form an Authorized Broker, like Shoreline Insurance Services. Steve will be happy to help you build your profile and navigate through the various plan options available.