When it comes to the Premium Tax Credit, it’s a matter of numbers. The credit was designed for low to moderate-income individuals and families in an effort to assist them in obtaining affordable health care. Eligibility is determined by household size and income, as an annual percentage contribution denotes the extent of either the maximum amount an individual may pay into employer sponsored minimum essential coverage or the shared responsibility payment. Every year, these percentages slightly increase. However, as we move toward 2017, we see another increase in individual contributions. In 2016, the percentage of an employee’s income as contribution to employer sponsored minimum essential coverage was 9.66%. For plan year beginning in 2017, that number increases to 9.69%.
For more information on the Premium Tax Credit, visit.
