Many Vets Are Slated To Get Tax Break For Heath Coverage
Tampa, FL (Law Firm Newswire) July 26, 2013 - Veterans' health advocates have expressed concern that the Affordable Care Act may cause coverage subsidy issues for vets.
The House Committee on Veterans' Affairs recently held a meeting to clarify veteran health coverage. There has been some confusion among members regarding whether vets would qualify for new health insurance subsidies while also enrolled in health coverage via the Veterans Administration (VA). But according to a Treasury Department official, vets will have more options going forward, not fewer.
"Under the Affordable Care Act, vets who are already receiving their health care through the Veterans Administration system will not be required to purchase extra coverage to meet insurance requirements," said Tampa veterans attorney David W. Magann.
Vets may decide to get additional medical coverage, known as "exchanges," as coverage supplements, if they choose to do so. But, a Treasury Department spokesperson warns, those vets with exchanges will not be considered eligible for premium tax credits if also enrolled in the VA's health care coverage system. The premium tax credit breaks are intended to make coverage possible for vets with incomes at no more than 400 percent of the federal poverty level. The income ceiling limit is also being applied to non-veteran civilians, as a way to ensure that the premium tax credit is applicable for people who are not eligible for other coverage.
Individuals who are not veterans and who can only obtain their health insurance coverage through their employment are not able to decline; they must take their employer-offered coverage if it meets the agreed-upon standards for affordability and adequacy. The income standard for affordability is a premium with a ceiling of 9.5 percent of that person's income; the standard for adequacy is a coverage baseline of 60 percent of allowed medical expenses. If both affordability and adequacy are met, they likely will not receive similar tax credits.
However, veterans are able to choose whether they want to continue to get their VA health coverage or drop that coverage for a market-based coverage plan they elect to purchase instead. If so, they may still be able to get a tax credit, if they qualify.
David W. Magann, P.A.
156 W. Robertson St.
Brandon, FL 33511
Call: (813) 657-9175
6107 Memorial Hwy
Tampa, Florida 33615
South Tampa Office:
Bank of Tampa Building
601 Bayshore Blvd Ste 105
Tampa, FL 33606
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