January 20th, 2014 : Do You Qualify for the Health Care Premium Tax Credit?
Beginning next year, individuals and families can buy private health insurance through Affordable Insurance Exchanges, which are marketplaces where individuals can find private health insurance. (This is a new program created by the Affordable Care Act.) If you purchase health insurance through an exchange, you may be eligible for a tax credit that will make your coverage more affordable.
The credit is aimed at middle-income individuals and families. A larger credit is available for older individuals whose coverage costs may be higher. The credit will be refundable, which means it can be used by people who pay little or no federal income tax. You can arrange for the credit to be paid to your insurer in advance so that you have little or no out-of-pocket costs. Are you eligible for the credit? We can help you find out and work with you to make the best use of your health insurance dollars. Call us today with all your questions about health care finance or any other financial concerns.