You may be eligible for PTCs for the first time.If you are enrolled through the New York State of Health and do not receive financial assistance: Talk to your tax advisor or check out the IRS fact sheet for more information about your handling of any excess PTC reporting and other obligations. PLEASE NOTE: OCHIA does not offer tax advice. Change in Repayment Obligation ffor Excess PTC for 2020: For tax year 2020, you will not owe a repayment of your excess PTC if your actual income was higher than what you estimated that it would be when you enrolled in coverage.You can wait until June for the New York State of Health to automatically apply the higher tax credit, without any action on your part.
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Starting in April, you can update your PTC amount online, through NYS of Health Customer Service Center by calling 1-85 or with the help of an enrollment assistor that you can find here or by calling 311 to get information about enrollment assistors in your community, OR.You will likely receive a letter from the New York State of Health about your new larger tax credit amount. You may be eligible for higher Premium Tax Credits (PTCs).If you are enrolled in health insurance through the New York State of Health and receive financial assistance: Tips for New Yorkers who are Enrolled in the New York State of Health There are also additional tips about the changes to your ability to get health insurance coverage that relate COBRA continuation coverage and receipt of unemployment benefits during 2021 resulting from the ARPA. You will find more information below about the changes resulting from ARPA that may improve your eligibility for coverage and access to greater financial help in the New York State of Health. This provision is for taxpayers with modified adjusted gross income (AGI) of less than $150,000. allows taxpayers to exclude up to $10,200 in unemployment insurance (UI) benefits from income in 2020 for the purposes of federal income, which may help low income New Yorkers to qualify for low-cost coverage.makes special rules for the handling of unemployment insurance benefits in 2021 for tax purposes and for eligibility for coverage and special subsidies that will likely enable more New Yorkers to qualify for health insurance and subsidies offered through Marketplaces in 2021.provides premium assistance for COBRA continuation coverage from April 1 to September 30, 2021, for those who were laid off from work or involuntarily had hours reduced.ensures that no one will be spending more than 8.5% of their income for health insurance.extends PTCs to higher income individuals and households that did not previously qualify for financial help for 20.prevents individuals from having to repay excess PTCs at tax time for the year 2020.increases premium tax credits (PTCs) available through the federal and state-based marketplaces for lower- and middle- income individuals and households that already qualify for financial help for 20.Among other provisions, the ARPA lowers health insurance costs and extends access to health insurance for many people across the income spectrum. On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA) into law. What the American Rescue Plan Means For New Yorkers' Access To Health Insurance And Financial Help For Coverage
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