The Health Coverage Tax Credit (HCTC) Makes Health Insurance More Affordable for You and Your Family
The IRS has implemented the Health Coverage Tax Credit (HCTC) program to help recently unemployed individuals maintain their health coverage. This program refunds 80 percent of health care premiums and can arrange to pay the bulk of those premiums each month going forward.
The credit covers anyone whose job loss is certified under the Trade Adjustment Assistance Act, as well as anyone 55 and over whose pension plan has been taken over by the pension board.
More about the Health Coverage Tax Credit
A tax credit like the HCTC can be a huge help to a monthly budget and provide continued coverage. Once registered for the monthly tax credit, you pay 20%, and the IRS adds 80% and sends the full premium to the health plan for you. And if you have already paid premiums since becoming eligible, you can receive the tax credit for those payments too.
Take advantage the HCTC by determining your eligibility and completing the registration form as soon as possible.