• Thread Starter
  • Thread starter
  • #16
My plan right now through the HCTC is $489 a month for Eyecare,Dental, and Healthcare. That is for 100% coverage with prescriptions. I just paid for next month and there was a letter attached that stated that the HCTC expires January 1, 2014. I was directed to www.HealthCare.gov to explore coverage options available through the Affordable Care Act.
From this site you can go to The Henry J. Kaiser Foundation site to use their subsidy calculator. According to the calculations my healthcare costs with go down. My hope is that the jackals in the House don't do anything to affect those figures. Highly doubtful.
Good news and good info.

Is $489 a month before or after the credit? Is it a single, or family plan? Who is your provider?

  • Thread Starter
  • Thread starter
  • #18
That is after the credit. Family Plan and I have Blue Cross Blue Shield.
The HCTC is gone at the end of this year.

Inclusive health is only for people who have a hard time getting regular medical insurance.
If you go to the PBGC site it links to the IRS site. You can check your state link for your insurance provider (55-65 years young).

Certain PBGC benefit recipients (us) who are age 55 or over and are covered by qualified health insurance, as well as qualified family members, are eligible for the Health Coverage Tax Credit (HCTC) administered by the Internal Revenue Service (IRS).[/background][background=transparent]
The credit is not available to everyone. For more information about this program and about what is considered qualified health insurance, you may call the HCTC Program Customer Contact Center’s toll-free telephone number of 1-866-628-4282 (TTY/ASCII users may call 1-866-626-4282). You can find more information about the HCTC program on the IRS Web site.[/background][background=transparent]
If you are eligible for HCTC, you may also be able to apply for National Emergency Grant (NEG) Gap Filler funds, which are available in certain states to help people pay for qualified health coverage. Contact the U.S. Department of Labor at 1-877-US-2JOBS (1-877-872-5627) and ask if your state has a NEG Gap Filler Program... http://www.irs.gov/Individuals/The-Health-Coverage-Tax-Credit-(HCTC)-Program[background=transparent]

Learn more about qualified health plans and view a list of state qualified health plans.

My guess is it will fall under the affordable care act soon. I guess everyone 55-65, and retired will be eligible for a tax credit based on income?
Eligibility Requirements - Candidate Requirements

To meet the HCTC candidate requirements, you must be either a:
  • Pension Benefit Guaranty Corporation payee (PBGC payee) who is 55 years old or older; or
  • Trade Adjustment Assistance recipient (TAA recipient) who receives a Trade Readjustment Allowance (TRA) or is in an approved break in training, or receives Unemployment Insurance (UI) in lieu of TRA, while otherwise eligible for TRA. TAA recipients also must meet eligibility deadlines for enrollment in TAA-approved training or receive a written waiver to maintain HCTC eligibility. The HCTC is also available to Reemployment and Alternative TAA recipients.
Do you not understand the HCTC part of the TAA has not been extended and will end in December of 2013 with no replacement?
I played around with the calculator. If you're single and your income is $45,960 or less per year you can get a health insurance premium subsidy. Over $46,961 you don't.

A 59 year old making $45,960 would pay $4,366 annually. The same person making $45,961 would pay $7,856 annually.

A person retiring at 59-1/2 on $30,000 per year will pay $2,512 per year.

The cutoff for health insurance premiums to couples is a household income of $60,000 or more.