Starting January 1, 2014, some of your individual clients may be able to get subsidies or tax credits when they buy health coverage. So who can get these subsidies or tax credits, and how do they work? We’ll break it down for you.
Subsidies for individuals
In 2014, people who qualify may be able to get a tax credit from the government to help them buy health coverage and pay their premiums. Or they may qualify for subsidies from the government to help them pay for their out-of-pocket health care costs. And they don’t have to wait until tax time to get it. The tax credit can be used for any individual plan sold on the exchange, or health care marketplace.
Who doesn’t qualify
When health insurance marketplace open enrollment starts
Open enrollment for plans offered through the health insurance marketplace begins on October 1, 2013, and plan coverage starts as early as January 1, 2014.
To learn about other health care reform topics, check out the timeline and FAQs on our broker/employer health care reform website or visit our consumer resource at anthem.com featuring Health Care Refom 4 You.
This article gives basic information. It is not legal or tax advice. Encourage your individual and group clients to discuss these issues with their own tax and legal advisers.