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Refundable Credit

A type of tax credit that can result in a tax refund to the taxpayer, even if it reduces their tax liability below zero. This means you can get money back even if you don't owe any taxes.

Qualified Health Plan

A health insurance plan that meets certain standards set by the Affordable Care Act (ACA) and is offered on a health insurance marketplace (exchange).

Internal Revenue Code of 1986

The official body of federal tax laws in the United States, which outlines how taxes are collected and what deductions or credits are available.

Federal Poverty Line (FPL)

A measure of income that the U.S. government uses to determine who qualifies for certain assistance programs. It is adjusted annually based on inflation and family size.

Applicable Percentage

The portion of a person's household income that they are expected to pay for health insurance premiums each year. The government covers any costs above this percentage through a tax credit.

Benchmark Health Plan

The second-lowest cost Silver plan available in a specific area on the health insurance marketplace. This plan's cost is used as the reference point for calculating the premium tax credits, even if a person chooses a different plan.