Health Care Tax Credit - a small beginning…
November 30th, 2009 | by caprice |This sounds like good news and it is for those that qualify. There is a heatlh care tax credit (HCTC) of 65% for someone purchasing their own health care insurance coverage if you qualify. It would be tremendous if this coverage was for all individual purchasers - this is the hope for the future. This is not tax advice in any way but rather, information in case it is helpful to you.
Here is a link to the Internal Revenue Service HCTC program guide entitled Health Care Tax Credit Program Kit.
In general, you may claim this credit if:
- You are receiving certain Trade Adjustment Assistance (TAA) benefits,
- You are receiving benefits under the Alternative Trade Adjustment Assistance
(ATAA) program, or
- You are receiving benefits from the Pension Benefit Guaranty Corporation
(PBGC) and you are at least 55 years oldIn general, HCTC
You are not eligible for the HCTC if any of the following applies to you:
- You are enrolled in a health plan maintained by your or your spouse’s current
or former employer that pays at least 50% of the cost of coverage
- You are entitled to Medicare Part A or enrolled in Medicare Part B
- You are enrolled in the Federal Employees Health Benefits Program (FEHBP),
Medicaid, or State Children’s Health Insurance Program (SCHIP)
- You are entitled to health coverage through the U.S. military health system
(TRICARE/CHAMPUS)
- You are enrolled in a qualified health plan (described on page 7 of the program guide, other than
COBRA, state-based continuation coverage, or a special insurance program
entered into by your state and an employer designed to qualify for the HCTC)
and either your or your spouse’s current or former employer pays any portion
of the cost of coverage
- You are eligible for coverage under a qualified health plan (described on
page 7, other than COBRA, state-based continuation coverage, or a special
insurance program entered into by your state and an employer designed
to qualify for the HCTC), and either:
• Your or your spouse’s current or former employer would pay 50% or
more of the cost of coverage, or
• You or your spouse could pay for the premium on a pre-tax basis.