The IRS released a final ruling that changes the eligibility rules for Premium Tax Credits (PTC) effective January 1st, 2023. The Premium Tax Credits are available to only those who purchase health insurance through the Exchange or Marketplace (i.e. Healthcare.gov). Under current law, individuals (including family members and dependents of employees) do not qualify for premium tax credits if they have access to employer-sponsored health insurance coverage that is defined as affordable and provides minimum essential coverage.
Under the new law, family members or dependents of employees who have access to employer-sponsored coverage will now be eligible for Premium Tax Credits (PTC) for coverage purchased through the Exchange or Marketplace beginning January 1st, 2023! This new ruling does NOT, however, change the eligibility rules for employees or for those who will continue to be eligible for coverage through their employer-sponsored plan.
This is GREAT news and presents a significant opportunity for those who have been negatively impacted by the current ACA rule that has, up until now, prevented them from benefiting from the significant premium tax credits offered through the Exchange. This new law could potentially save some families thousands of dollars in health insurance premiums because they may no longer need to pay full price for their family members through their employer-sponsored plans IF they can qualify for coverage through the Exchange or Marketplace!
For more information, or to see if you qualify for premium tax credits in 2023 and can potentially save thousands of dollars in health insurance premiums, contact The Hughes Agency TODAY at 252-599-3832 for North Carolina Residents and 757-356-1200 for Virginia Residents.