Filed Under:Health Insurance, Individual Health

PPACA: IRS Releases Final Health Tax Credit Regulations

CBO Estimates Recipients Will Get an Average of $5,000 Per Year

The IRS releases PPACA tax credit regulations.
The IRS releases PPACA tax credit regulations.

Final regulations for implementing the health insurance purchase tax credit provisions in the Patient Protection and Affordable Care Act of 2010 (PPACA) are set to appear in the Federal Register Wednesday. 

PPACA opponents are challenging PPACA in Congress and the courts. If the act takes effect on schedules and works as drafters hope, individuals and small groups will be able to use PPACA tax incentives to buy coverage through a new system of health insurance exchanges, or Web-based health insurance supermarkets.

One question insurers, agents and brokers have had is how the IRS and other agencies will treat health savings account (HSA) plans, health reimbursement arrangement (HRA) plans, and other individual health account plans in connection with PPACA provisions and programs.

PPACA requires an employer that fails to offer affordable health coverage to an employee to pay a "shared responsibility" penalty for the employee. The IRS has suggested that an employer might have to pay the penalty if the employee's share of the cost of the employer's cheapest plan exceeds 9.5% of the employee's W-2 pay from that employer.

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Nichole Morford

Nichole Morford
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