premium tax credits
The Internal Revenue Service (IRS) recently published Notice 2022-41 in response to the fixes made to the “family glitch
The Department of Treasury published a final regulation on October 13, 2022 which eliminates the so-called “family glitch” starting on January 1, 2023.
Advanced Premium Tax Credits (APTCs)
The Affordable Care Act (ACA) created premium tax credits in the individual health insurance market which first became available as of January 1, 2014. The amount of the premium tax credit available to a person is largely based on their household income. Most eligible individuals receive the premium tax credit in advance by estimating their household income for the year.
The public insurance exchanges are expected to introduce a new way for individuals to obtain health insurance coverage next year. However, with the introduction of these exchanges comes a number of complexities and nuances. That includes the topic of premium payment processing and late payments.
Individuals that qualify for Advanced Premium Tax Credits (APTC) through the exchanges will have a portion of their premium subsidized by the federal government, but the balance of the premium will be their responsibility.
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