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sversie
New Member

We have BCBS MS through them as individual health insrance plans that I pay all of the premiums out of pocket. Am I eligible for the health care tax credit?

 
2 Replies
Critter
Level 15

We have BCBS MS through them as individual health insrance plans that I pay all of the premiums out of pocket. Am I eligible for the health care tax credit?

To get the Premium Tax Credit you must have insurance thru the ACA and get a form 1095-A.  

GiseleD
Expert Alumni

We have BCBS MS through them as individual health insrance plans that I pay all of the premiums out of pocket. Am I eligible for the health care tax credit?

Are you referring to the Health Coverage Tax Credit (HCTC)? If so, it depends. Here are the requirements:

 

A taxpayer qualifies for the credit for any month where:

• He or she was an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment TAA (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension payee; or a qualified family member of an individual who fell under one of the categories listed above when he or she passed away or with whom the taxpayer finalized a divorce.

• He or she and/or a family member was covered by HCTC-qualified health insurance coverage for which the taxpayer paid the entire premiums, or the taxpayer’s portion of the premiums, directly to the health plan. Note: Coverage obtained through the Health Insurance Marketplace is not qualified coverage for the HCTC.

• He or she was not enrolled in Medicare Part A, B, or C, or was enrolled in Medicare but a member of his or her family qualified for the HCTC.

• He or she was not enrolled in Medicaid or the Children’s Health Insurance Program (CHIP).

• He or she was not enrolled in the Federal Employees Health Benefits Program (FEHBP) or eligible to receive benefits under the U.S. military health system (TRICARE).

• He or she was not imprisoned under federal, state, or local authority.

• His or her employer did not pay 50% or more of the cost of coverage.

 

Learn more about the HCTC here.

 

If you qualify, click here to learn how to report it in TurboTax.

 

@sversie

 

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