health insurance tax credit
health insurance tax credit
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In 2002, the Trade Act created the Health Coverage Tax Credit, also referred to as the HCTC. The HCTC became effective in 2003, and offers a federal tax credit of 65% to be paid back to eligible individuals for the qualified health plan premiums they paid each year. This works one of two ways: the eligible individual can either file their federal tax returns each year claiming the premiums, or by applying for an advance by paying 65% of the health plan premiums due. The way in which the individual receives the health tax credit is usually up to him or her.
Eligible individuals for the health tax credit usually include trade impacted workers who get a Trade Readjustment Allowance or Alternative Trade Adjustment Assistance. Some people may be eligible if they collect from the Pension Benefit Guaranty Corporation.
This is a huge plus for those individuals who find it difficult to obtain affordable health insurance in Alabama. Sure, there are state and federal programs to assist low income individuals and families who can not afford to purchase an individual and/or family health insurance plan, and even those individuals who work but aren’t offered health insurance coverage through their employers, but sometimes individuals aren’t eligible for these programs, even though they don’t have any other means to find affordable health insurance in Alabama.
Health care is a necessity, and sometimes we have to find the cash to hand over, whether we have it or not. With the Health Coverage Tax Credit, those who are eligible for a federal tax credit can at least rest assured that some of their hard-earned cash will make it back into their pockets.
If you are one of the many who are having a difficult time finding affordable health insurance in Alabama and are interested in your eligibility for the Health Coverage Tax Credit program, visit Alabama’s Department of Insurance Web site for more information.
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If elected will Romney fine and deny tax credits to those without health care insurance ?
That’s what he did in Massachusetts.
The health reform law, signed by former governor Mitt Romney in April 2006, states that the penalty for 2007 would be the loss of an individual’s personal income tax exemption. This will cost residents who didn’t get coverage $219 when they file their 2007 state income tax return.
http://www.boston.com/business/globe/articles/2008/01/01/penalties_to_rise_for_shunning_insurance/
DaisyCake…no mis-quote, read the article…what about retirees who saved their whole lives and are now victimized by this law
Doubtful the US Congress would be so stupid as to pass that idiotic law. Why he doesn’t want to fix the PROBLEMS instead of feeding them makes me wonder how bright he is. (Insurance is rife with corruption.) Also not sure how much of a “cost savings” there is to get MORE people on Medicaid or any other similar state program.
Bottom line, however, is that this is definitely un-American behavior–enough with the coercion already.
