Park City, Utah (PRWEB) December 15, 2013
Today, Zane Benefits, the number one online small business health benefits solution, published new information on the health insurance tax credits.
According to Zane Benefits’ website, as of 2014, tax credits are available to help individuals purchase health insurance coverage through the new health insurance marketplaces. The individual health insurance tax credits are based on income, and are advanced-payable so they can be used right away to lower the monthly premium costs. The health insurance tax credits range on a sliding scale, depending on income.
If income increases during the year an individual may have to repay some of the money, but the amount would likely be capped.
If income decreases during the year an individual may receive a refund at tax time.
When an individual applies for health insurance through a state’s health insurance marketplace (ex: healthcare.gov), there are questions about your household income. If income changes during the year, shuld the marketplace should be notified. During tax time, the health insurance tax credit will be reconciled with the income for the year.
Under the health care reform law, liability is limited if income is less than 400% of the FPL. As such, there are caps on the amount people will have to repay. Individuals earning less than 200% of FPL will repay no more than $300, individuals earning 200-300% of FPL will repay no more than $750, and individuals earning 300-400% FPL will repay no more than $1,250.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHealth") for defined contribution health care. The flagship software provides a 100% paperless administration experience to small businesses and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about Zane Benefits, visit http://www.zanebenefits.com.