Sunday, July 8, 2012

Health Insurance Help for Trade Displaced Workers, Some Pensioners

We previously discussed job retraining programs and benefits available to people who have lost their jobs when the jobs moved overseas.  The health coverage tax credit is something else for those workers, and their dependents.  It helps both workers who are receiving Trade Adjustment Assistance payments (TAA) or whose pension plans have been taken over by the Pension Guarantee Corporation (PGC) who are also 55 years or older.  It pays nearly 80% of your health insurance premiums, either by paying that portion directly to the insurance company every month, or by allowing you to apply for an annual tax credit for that portion of your health premium payments.  To see if you qualify for this assistance, check this page by the IRS.   Some states also have a “bridge” program that will help pay health premiums till the HCTC begins.  Here’s a page with a list of states that have such a program.
If you need health insurance, here's an interactive page that lets you answer questions about your situation (state, family situation, finances, etc.) and lets you explore your options.

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