Tax Credits from the Health Reform Law

The new Health Care Act is now actually two years old, but many have been holding their breath until the Supreme Court's thumbs up in June.  Some folks are still holding their breath, perhaps until they turn blue, but everybody else is getting on with it. 

Employers with less than 50 employees, health coverage is optional, but a tax credit is currently available to employers with less than 25 full time employees with average salaries of less than $50,000 (less for nonprofit employers).  The credit is for up to 35% of the costs to the employer.  By 2014, that will grow to 50%.  For more information and another perspective, see the page on ehealthinsurance (the tax credit for employers starts on page 10). For the technical details from the IRS themselves, see the IRS page on the credit, including the form you need to claim it.

So if you are an individual, do you get a credit to help you with insurance?  Not just yet.  However, in 2014, there will be a tax credit available to low and moderate income individuals to help with health insurance costs.  In the meantime, if you need help picking through your available options, you can try this interactive page to figure out your most affordable move.