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The eligibility criteria for the premium tax credit is determined by section 1401 of the Affordable Care Act (Obamacare). The Act was signed into law on March 23, 2010, and specified that the credits are only available to individuals and families who have enrolled in a health plan offered on a healthcare exchange.
The Affordable Care Act (ACA), formally known as the Patient Protection and Affordable Care Act (PPACA) and informally as Obamacare, is a landmark U.S. federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.
If you qualify for a subsidy, then you can only deduct the after-subsidy amount that you pay for your health insurance from your taxes. In some cases, your spouse’s health insurance premiums.
Following implementation of the Affordable Care Act, HRAs must be integrated with a qualified employer-sponsored group health insurance plan to avoid excise tax penalties. [4] Using a Health Reimbursement Arrangement yields "tax advantages to offset health care costs" for both employees and employers. [1]
The subsidies apply mostly to people who purchase health insurance on the Affordable Care Act marketplaces. Some Medicare recipients are also eligible, but not Medicaid recipients. Read the ...
Enhanced ACA subsidies expire next year. The Affordable Care Act, often called Obamacare, has always given taxpayer-subsidized credits to consumers based on their income levels to offset the cost ...
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