Members Login
Username 
 
Password 
    Remember Me  
PilcheskyDeceit True Freedom of Speech -> Concerning Health Care -> What is the Health Coverage Tax Credit?
Post Info TOPIC: What is the Health Coverage Tax Credit?
LusOnlyVoice


Site Administrator

Status: Offline
Posts: 5099
Date:
What is the Health Coverage Tax Credit?
Permalink  
 

What is the Health Coverage Tax Credit?
The Trade Act of 2002 created a federal tax credit to help pay for private health insurance for displaced workers certified to receive certain Trade Adjustment Assistance (TAA) benefits and for individuals receiving benefits from the Pension Benefit Guaranty Corporation (PBGC).
This credit is referred to as the Health Coverage Tax Credit (HCTC) and the Internal Revenue Service (IRS) is responsible for administering the HCTC program. The Health Coverage Tax Credit (HCTC) is a tax credit that covers 65 percent of the premium amount paid by eligible individuals for qualified health insurance coverage. At this time, eligible individuals must wait until the end of the year to claim the tax credit. It is anticipated that starting August 1, 2003, that an eligible individual can receive the benefit on a monthly basis by opting for the advanced tax credit to help pay for insurance premiums as they are due.

What Types of Plans are Qualified?
· COBRA
· Spousal coverage in certain situations
· Individual coverage in certain situations
· Qualified plans through the Blue Cross Blue Shield Plans for Pennsylvania
Residents


The Health Coverage Tax Credit -- What it Means for You.  Who is Eligible?

Trade Adjustment Assistance Participants (TAA)
· Individuals receiving certain TAA benefits
· Is covered by qualified health insurance
· Cannot be claimed as dependent on another individual’s tax return
· Does not have other specified coverage, including Medicare
· Is not in federal prison Pension Benefit Guarantee Corporation Participants (PBGC)
· Individuals receiving PBGC benefit payments
· Individuals who are 55 years of age or older
· Is covered by qualified health insurance
· Cannot be claimed as dependent on another individual’s tax return
· Does not have other specified coverage, including Medicare
· Is not in federal prison
How Do I Know  if I Am Eligible for Benefits?
Individuals who are potentially eligible to receive benefits are notified by the Pennsylvania Department of Labor and Industry or the PBGC. The HCTC Program Customer Contact Center can provide further eligibility information for individuals. Where Can I Get More Information?  For more information from the federal government about the HCTC Program, please call the HCTC Program Customer Contact Center’s toll free phone number 1-866-628-HCTC. Program information is also available on the HCTC Program website: http://www.irs.gov/ndividuals/index.html, select Health Coverage Tax Credit (HCTC).

__________________

I want everyone to stop and think about one thing ... Joe Pilchesky is not a lawyer ... he's just a guy playing a lawyer on the internet.  Please don't trust your legal needs to this man.
Bowen3


Newbie

Status: Offline
Posts: 5
Date:
RE: What is the Health Coverage Tax Credit?
Permalink  
 

Hey Guys i think that the Health Coverage Tax Credit is a federal tax credit program created to help people pay for medical care protection for themselves and qualified close relatives. Eligible individuals mainly involve certain groups of removed workers and retirement living individuals. The HCTC is expected to help Texans and their loved ones pay for protection of wellness they might otherwise not be able to afford.Thanks a lot!!

__________________

orange county fitness
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
PilcheskyDeceit True Freedom of Speech -> Concerning Health Care -> What is the Health Coverage Tax Credit?
Tweet this page Post to Digg Post to Del.icio.us


Create your own FREE Forum
Report Abuse 		Powered by ActiveBoard