Two New Health Care Tax Bills Approved Pending AHCA Passing
There was a time in the early stages of the ACA repeal where the Trump Administration shrugged off any ACA-mandated taxes going forward. The growing concern was that a repeal would necessitate the removal of ACA-related tax credits and other subsidies. However, as the American Health Care Act (AHCA) has gone through several drafts, additional bills offering fund credits/subsidies appear to have been thrown into the mix.
On June 13, the House passed two more bills pertaining to healthcare tax credits. These bills are the Veterans Equal Treatment Ensures Relief and Access Now (VETERAN) Bill and the Broader Options for Americans Bill. Under current law, people can purchase health insurance through marketplaces and receive such credits to cover part or all of the premiums if, among other criteria, they have income below certain amounts and are not eligible for certain types of health coverage.
The VETERAN Bill codifies regulations that allow veterans who are eligible for, but do not elect to be covered by, certain Veterans Affairs health programs to qualify for premium assistance tax credits. The Broader Options for Americans Bill involves Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), where those whose who obtain healthcare through COBRA will be able to receive tax credits on a monthly basis. Both bills will only be passed, should the AHCA be passed as well.
While members of Senate GOP are currently rewriting the AHCA, the House has emphasized that they will continue to push forward with bills that would fall under the potentially-passes healthcare bill. Senate Democrats, however, are still seeking a more bipartisan approach to how these new laws will be created and go into effect.
To learn more about ACA compliance in 2021, click here.
|
|
