What is the HCTC and who is eligible?
The Health Coverage Tax Credit (HCTC) is an important benefit that pays 80% of a qualified health plan premium for eligible individuals. The HCTC is a unique tax credit that individuals can receive either monthly as their health plan premium becomes due or yearly as a credit on their federal tax return. The Internal Revenue Service (IRS) administers the HCTC. The following individuals are potentially eligible for the tax credit: 1. Pension Benefit Guaranty Corporation (PBGC) pension recipients who are at least 55 years old, 2. Individuals receiving a Trade Readjustment Allowance (TRA) under the Trade Adjustment Assistance (TAA) program and attending TAA-approved training, and 3. Individuals receiving a wage subsidy under the Alternative TAA (ATAA)/Reemployment Trade Adjustment Assistance (RTAA) program for older workers. People in these three groups must also meet some general requirements and have a qualified health plan to be eligible for the HCTC. If eligible, individuals can get th
The Health Coverage Tax Credit (HCTC) pays 65% of qualified health insurance premiums for eligible individuals and their families. The HCTC is a unique tax credit administered by the Internal Revenue Service (IRS) that individuals can receive either monthly as their health plan premium becomes due, or yearly as a credit on their federal tax return.
