Premium tax credits are financial assistance provided to help individuals and families afford health insurance coverage purchased through the Health Insurance Marketplace. These credits lower the monthly premium costs based on income and family size, making healthcare more accessible. To qualify for premium tax credits, applicants must meet certain income requirements, typically between 100% and 400% of the Federal Poverty Level. The credits are designed to ensure that health insurance remains affordable for those who may struggle to pay full premiums on their own.