Proposed Tax Credit for Insurance Exchanges

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If you are a worker who does not receive any health insurance coverage from your employer, here’s some interesting news. A new tax credit is being proposed by the Health and Human Services (HHS) and Treasury departments that can help you pay for coverage through health insurance exchanges.

What is a health insurance exchange, you might ask? This is going to be a novel concept beginning 2014 in which one-stop marketplaces for each state will be set up where consumers and small businesses can shop for and compare private health insurance plans much like they do at e-commerce sites. Last month, the HHS published guidelines on how each state is to set up their health exchange marketplace.

On August 12, the HHS and Treasury released guidelines on 3 proposed rules on this matter, namely exchange eligibility, small business employer standards for participation in the exchange and the tax credit that will help you reduce the cost of your health insurance.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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