HCTC

[kamchaser]

I am a newly retired employee of USAirways, and I can speak from experience about the tax credit. Just to set the record straight, any person that has a frozen pension with the PBGC is eligible for the HCTC. You qualify as early as age 55, but you have to seperate yourself from the company. This tax credit is suppossed to cover you until age 65 when medicare kicks in. At age 62 USAirways gave me 18 months in their plan and then I have to get my own insurance. The kicker is at this present time the HCTC expires January 2014. It has been extended in the past but whos know, with the Sequestor and the climate in Washington.
And for those thinking about claiming PBGC at 55 and still working for the airline. This management team is very good at manipulating contracts and agreements and my legal friends say read the fine print and you will be greatly dissapointed. Interpretation will not be in your favor!

 

[700UW]

The HCTC is part of the Trade Adjustment Act, it was not renewed because of the Affordable Healthcare Act will now take its place.

 

[kamchaser]

And there are those that wnat to repeal that!

 

[Reed Richards]

The HCTC is part of the Trade Adjustment Act, it was not renewed because of the Affordable Healthcare Act will now take its place.

I know for a while it actually covered 80% under one of the stimulus packages. 700UW, is there any special consideration given to PBGC recipients under the new act, or do we simply become part of the "huddled masses?" (no offence meant to anyone huddled or massed.) RR

 

[700UW]

As far as I know they didnt renew it as there is something in the AHCA about it, I will check with someone on Monday.

 

[Reed Richards]

As far as I know they didnt renew it as there is something in the AHCA about it, I will check with someone on Monday.

Thank you, I too will look into it. Much appreciated. RR

 

[psa8979]

kamchaser. Affordable Health Care Act is a game changer ! We ALL will benefit when starting in October you decide on your insurance for 2014. I suggest you go to the AHCA Web Sight and read how it will benefit you personally, because everyone's situation is different. Airline Workers still working will get their insurance through Employer . The issue is how pay-role deductions, out-of-pocket, and co-payments costs can be eliminated or reduced by their UNION in CBA negotiations. USA is the only Industrial County in the World where Health Care is on the CBA Table.

 

[Tim Nelson]

Only industrial nation in the world that doesnt take care of the health needs of eachother. Sad indeed.

 

[700UW]

I know I am shocking the board, but I agree 100% with you Tim.

What a waste of government money, the voted for the 40th time to repeal the AHCA.

 

[Tim Nelson]

Last time it was extended in late december

 

[roabilly]

The AHCA (Obama Care) has saved 3.6 million Medicare patients 2.1 billion dollars on medications in the first full year (2011) of implementation. This savings came primarily from phasing out the "Part D" program created by George W. Bush.

Republicans have voted to repeal Obama Care 40 times! This makes obstructing this legislation their single most sought after goal other than making Obama a one term President! Of course, all of this obstruction is costing taxpayers dearly in wasted time since there is no way to get the repeal passed though to law under the current administration, and a Democratic majority in the Senate.

Ironically, a near identical system was passed into legislation in Massachusetts in 2006 by Mitt Romney, and it has proven to work well at the state level.

 

[usa1]

I am a newly retired employee of USAirways, and I can speak from experience about the tax credit. Just to set the record straight, any person that has a frozen pension with the PBGC is eligible for the HCTC. You qualify as early as age 55, but you have to seperate yourself from the company. This tax credit is suppossed to cover you until age 65 when medicare kicks in. At age 62 USAirways gave me 18 months in their plan and then I have to get my own insurance. The kicker is at this present time the HCTC expires January 2014. It has been extended in the past but whos know, with the Sequestor and the climate in Washington.
And for those thinking about claiming PBGC at 55 and still working for the airline. This management team is very good at manipulating contracts and agreements and my legal friends say read the fine print and you will be greatly dissapointed. Interpretation will not be in your favor!

Thanks for the post ..... Unless the new AMR is out to help the PBGC by setting up the new company in a way that stops us from drawing at 55 ... it doesn't effect the new AMR either way?

 

[700UW]

Its not going to be AMR, its going to be AAG.

 

[Non Rev]

I am a newly retired employee of USAirways, and I can speak from experience about the tax credit. Just to set the record straight, any person that has a frozen pension with the PBGC is eligible for the HCTC. You qualify as early as age 55, but you have to seperate yourself from the company. This tax credit is suppossed to cover you until age 65 when medicare kicks in. At age 62 USAirways gave me 18 months in their plan and then I have to get my own insurance. The kicker is at this present time the HCTC expires January 2014. It has been extended in the past but whos know, with the Sequestor and the climate in Washington.
And for those thinking about claiming PBGC at 55 and still working for the airline. This management team is very good at manipulating contracts and agreements and my legal friends say read the fine print and you will be greatly dissapointed. Interpretation will not be in your favor!

Man that stinks. I am sorry to hear that. I turn 55 in Nov and was looking forward to a 75% savings on my monthly $329 health insurance. I thought it was too good to be true.

 

[Real tired]

It was too good to be true. When I checked, there was no available plans under the HCTC that even came close to $329 per month. Most plans available to me were near $1000 or more per month. Then you factor in the savings. It all depended on your state that you lived in, and the plan costs for that state. For example, people in OH might have had Blue Cross at $1200 per month, and people in PA might have had UPMC at $1000 per month.

The HCTC was a game changer for me. It was my ace in the hole for retirement.

When I found out that the ACA was going to end it, and before the Sequester, I was able to talk to someone at the IRS, the government entity that sponsors the HCTC. They had no answers to what is going to happen when the HCTC ends in 2014. They still don't know.

All she was able to tell me was that they "heard" that a similar plan under the ACA would cost no more than the plan under the HCTC. Hopefully.

Your best bet is to check IRS.gov for updates. Don't bother calling. I doubt you'll get through.