2018 Tax Law Changes

For 2018, you are required to have minimum essential health coverage through an employer plan, a government program, or other plan, or pay a penalty. The mandate does not apply after 2018. To help those of modest means pay premiums for coverage obtained from a government exchange (Marketplace), there’s a premium tax credit . Eligibility for this advanceable, refundable tax credit depends on your household income and other factors. The credit continues to be available even though the individual mandate ends after 2018. If you claimed the credit in advance when you obtained coverage for 2018, you have to reconcile what you already applied toward your premiums with what you are actually entitled to and the difference is reported on your tax return. If you did not receive the credit in advance but are eligible for a credit, you can claim it on your return. If you do not claim the premium tax credit and qualify for Trade Adjustment Assistance (TAA), you may qualify for the health coverage tax credit of 72.5% of premiums