Changes to the Affordable Care Act, provided by the American Rescue Act, have been extended through the coverage year 2025 by the Inflation Reduction Act. The enhancement increases the savings available and makes those savings available to higher-income clients. The ACA “cliff” has been eliminated.
1) The subsidy, that is the Premium Tax credit, computation
2) The income ranges/ age ranges that are now eligible
3) What to do at tax time if projected income was inaccurate
4) Understand what criteria are relevant to help decide if ACA should be considered a Health Insurance option and should you discuss that with your clients.
Coleen Drucker has been an Enrolled Agent since 2016 and became a member of the NJSEA Board of Directors in 2021. Coleen has been the lead trainer for Morris County VITA for several years after joining VITA in 2012.
Coleen received a B.E. in Mechanical Engineering in 1978, a Masters in Engineering Sciences in 1980, and an MBA in 1990. She is an aspiring financial planner focused on the intersection of health insurance decisions, financial planning, and tax planning, both for federal and NJ taxes.
1 IRS CE Credit