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The premium tax credit (PTC) is a mechanism established by the Affordable Care Act (ACA) through which the United States federal government partially subsidizes the cost of private health insurance for certain lower- and middle-income individuals and families.
It can be paid in advance directly to a healthcare insurance company to offset the cost of monthly health insurance premiums. For the 2015 tax year 1.6 million taxpayers overestimated the amount they were supposed to receive for the advance tax premium. The average amount owing was $800.
The premium tax credit is a refundable tax credit in the United States that’s designed to help eligible individuals and families with low or moderate income afford marketplace health insurance.
The study found that various levels of government finance most uncompensated care, spending about $30.6 billion on payments and programs to serve the uninsured and covering as much as 80–85% of uncompensated care costs through grants and other direct payments, tax appropriations, and Medicare and Medicaid payment add-ons. Most of this money ...
The portion of the premium that you pay is often deducted from your payroll expenses, meaning you’re paying the premium with pre-tax money. If your premiums are paid with pre-tax money, you can ...
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