Park City, UT (PRWEB) February 25, 2013
Today, Zane Benefits, Inc. published new information on individual health insurance tax credits. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution and health reimbursement arrangements.
According to Zane Benefits’ website, starting in 2014, massive tax credits will be available to help individuals and families purchase individual health insurance coverage through new state-based health insurance marketplaces. The tax credits will only be available if individuals enroll in health insurance through the state's health insurance marketplace. If individuals are eligible for these health insurance tax credits, they will cap the cost of health insurance at 2% - 9.5% of household income.
Eligibility Requirements for Health Insurance Tax Credits
According to Zane Benefits’ website, the health insurance tax credits are available for individuals and families who meet certain income requirements and do not have access to affordable health insurance through their employer or another government program.
Eligibility for tax credits is based on a standard, called the "federal poverty level," that looks at your household income and the number of people in the household. The size of the tax credit is based on a sliding scale, with those who make less money getting a larger financial support to lower the cost of their insurance coverage. Individuals and families who make between 138 percent and 400 percent of the federal poverty level may be eligible for a tax credit. This means that an individual making up to $45,960 and a family of four earning up to $94,200 may be eligible for a tax credit.
According to Zane Benefits’ website, here are some quick facts about the Health Insurance Tax Credits:
- Tax credits lower the cost of your premium.
- Tax credits reduce the amount of the premium you will pay for insurance.
- Tax credits help low- and middle-income individuals and families.
- Tax credits are available to individuals and families who meet certain income requirements.
- Tax credits can be applied to the cost of your health plan when you enroll – you do not need to wait until you file a tax return at the end of the year.
- Tax credits are only available through the Health Insurance Marketplaces. I.e. You must enroll in a health plan through the Health Insurance Marketplaces if you want to use your tax credits.
- Tax credits are paid directly to your health plan. These tax credits are paid by the Health Insurance Marketplace to your health plan to keep your out-of-pocket costs low.
- Tax credits will be adjusted at the end of the year based on your actual income. At the end of the year, the tax credits may be adjusted if your income is different than you anticipated. This means that you will want to notify the Health Insurance Marketplace if your income changes.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangements (HRAs) and defined contribution health care. The flagship software provides a 100% paperless administration experience to employers and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.