Health Coverage Tax Credit (HCTC) FAQs

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1 Health Coverage Tax Credit (HCTC) FAQs What is the tax credit? How much is the credit? Am I eligible for the tax credit? How and when does the HCTC get notified that I m an eligible PBGC pension recipient? Once PBGC takes over my pension plan, what s the earliest date I would be eligible to apply the for HCTC tax credit? What is an advanced HCTC? How do I get the credit? What is qualified health insurance? How can I get qualified health insurance? If I qualify for the advance tax credit option, how will I pay my health plan premium? Can family members of the eligible individual be covered under the HCTC? If I (the retiree) am getting Medicare, am I eligible for the credit? Now that I have Medicare is my spouse still eligible for the HCTC since she is not eligible for Medicare yet? I receive my benefit annually rather than monthly. Am I still eligible for the advance tax credit? I received my entire PBGC benefit as a lump-sum payment. Am I still eligible for the advance tax credit? Does the health coverage tax credit affect my pension? Is the health coverage tax credit through the PBGC? Do I (the retiree) need to change my withholding? Does the Health Coverage Tax Credit mean PBGC now has a health insurance program? I receive a PBGC benefit and am over 55, but I have health insurance through my current employer. Can I use the tax credit to pay for my contribution? If I am receiving Social Security Administration (SSA) benefits as a result of a disability, am I eligible for the HCTC? What is the Form 8885? Where can I get Form 8885? Can I get assistance filling out and filing a Form 8885? If I don t owe taxes, can I still receive the HCTC? Where do I get more information? Is the HCTC benefit a PBGC benefit? Q: What is the tax credit? A: The Trade Adjustment Act of 2002 (the "Act"). The Act created the Health Coverage Tax Credit (HCTC) and states that certain persons receiving PBGC benefits may be eligible for this tax credit. For those eligible, it is a tax credit that can be used to pay 65% of the cost of your health insurance, provided your health insurance is qualified health insurance. The HCTC became available for the first time in December It is available for all of 2003 and later years. Q: How much is the credit?

2 A: It is a tax credit that is equal to 65% of your health insurance premium and can be used to pay 65% of the cost of your monthly health insurance, provided your health insurance is "qualified health insurance" and you are an eligible PBGC pension recipient. Q: Am I eligible for the tax credit? A: You may be eligible for the tax credit if you meet the definition of an "eligible PBGC pension recipient". You are considered an "eligible PBGC pension recipient" if both of the following apply: 1. You are age 55, and 2. You are being paid a benefit by PBGC under Title IV of ERISA. Q: How and when does the HCTC get notified that I m an eligible PBGC pension recipient? A: Each month the PBGC sends the HCTC an Eligibility List. The Eligibility List contains the names of all PBGC retirees and other individuals (such as individuals who applied for a lump sum payment after August 5, 2003, and their plan was trusteed), who are age 55 or older and receiving a pension benefit from PBGC, as of the first day of the month. For example, if you turn 55 on August 14, your name will not be on the Eligibility List until September. Q: Once PBGC takes over my pension plan, what s the earliest date I would be eligible to apply the for HCTC tax credit? A: PBGC becomes responsible for the plan once your plan s sponsor or plan administrator signs a Trusteeship Agreement with PBGC. As of the first day of the month the Trusteeship Agreement is signed, retirees in your plan, who are age 55 or older, become potentially eligible for the HCTC tax credit. They can apply for the Advance HCTC tax credit by calling the HCTC Customer Contact Center toll-free at (866) , or for TDD/TTY (866) For example, the Trusteeship Agreement was signed May 30, Anyone who was age 55 or older and receiving a benefit from the pension plan on May 1, 2004 is potentially eligible for the HCTC tax credit for the month of May Q: What is an advanced HCTC? A: Most tax credits are paid out when you file your federal tax return. The advance credit option allows you to receive the HCTC in the form of a payment to your health plan administrator on a monthly basis. Q: How do I get the credit?

3 A: There are two ways to get the tax credit: 1. As of August 1, 2003, an advance tax credit is available. You must be an eligible PBGC pension recipient to qualify for the advance credit. The advance tax credit is equal to 65% of the total monthly health insurance premium you pay to your health insurance company. You can apply for the advance credit by calling the HCTC Customer Contact Center toll-free at (866) , or for TDD/TTY (866) You pay your health insurance premium directly to your health insurance company and then may claim an end-of-the-year credit for part of that payment if you and your insurer meet the conditions for receiving the HCTC. Please contact HCTC Customer Contact Center toll-free number at (866) , or for TDD/TTY (866) for guidance. You may also check the IRS Web site. Q: What is qualified health insurance? A: The Act defines qualified health insurance. For information about what is qualified health insurance and where to get it, call the HCTC Customer Contact Center toll-free at (866) TDD/TTY callers, please call (866) For a list of state sponsored qualified plans, see the IRS Web site. Q: How can I get qualified health insurance? A: Your state may sponsor a qualified health insurance plan. The HCTC has a complete list of insurance companies offering qualified health insurance. Contact the HCTC Customer Contact Center toll-free at (866) , or for TDD/TTY (866) for additional guidance. Q: If I qualify for the advance tax credit option, how will I pay my health plan premium? A: Here s how it works: You need to apply for the advance credit and make sure you ve enrolled in a qualified health plan. Once you register and are accepted into the HCTC program, the HCTC will send you an invoice for your monthly insurance payment. This payment will be the portion for which you are responsible. When the HCTC program receives your payment, they will send it to your health plan insurance administrator along with the government s portion, which is the 65% tax credit amount. IT IS IMPORTANT that you pay your 35% share of your qualified health insurance premium to the HCTC program on time. Q: Can family members of the eligible individual be covered under the HCTC?

4 A: Yes. However, it is important to remember that eligibility for the HCTC tax credit belongs to the person who is getting a benefit from PBGC. The person receiving the PBGC benefit can buy family health insurance coverage for the spouse and children who can be claimed as dependents on the eligible individual s tax return. When the person receiving the PBGC benefit is no longer eligible for the HCTC tax credit, his or her family members can no longer benefit from the tax credit. For additional information and guidance, call the HCTC Customer Contact Center toll-free at (866) , or for TDD/TTY (866) For example, the eligible individual receiving a PBGC benefit is receiving the Advance HCTC tax credit for health insurance coverage for himself and his wife. He turns age 65 on May 5, On the same date, he becomes eligible for Medicare. His wife is age 61. As of May 1, 2004, he is no longer eligible for either the Advance tax credit or the End-of Year tax credit. His wife cannot claim the HCTC tax credit either because she is not receiving a PBGC benefit. If her husband dies, and she starts to receive a survivor benefit from PBGC, she would then be eligible for the HCTC tax credit. Q: If I (the retiree) am getting Medicare, am I eligible for the credit? A: No, unfortunately, if you are getting Medicare, or Medicaid, you are not eligible for the health coverage tax credit. If you have additional questions, you should call the HCTC Customer Contact Center toll-free at (866) TDD/TTY callers, please call (866) Q: Now that I have Medicare is my spouse still eligible for the HCTC since she is not eligible for Medicare yet? A: If you are now eligible for Medicare, you are no longer eligible for the HCTC. Since you no longer qualify, additional family members including spouses are not covered under HCTC. Should your spouse ever start to receive a pension benefit from PBGC, is 55 or older and not eligible for Medicare, he or she would then be eligible for the HCTC. Q: I receive my benefit annually rather than monthly. Am I still eligible for the advance tax credit? A: Yes, provided you have attained age 55 and paying for qualified health insurance. If you were not yet age 55 the last time you received your annualized benefit, but turned 55 during the following 12 months, you become an eligible PBGC pension recipient the month following your birthday. For example, you received your last annualized benefit January 2003, when you were still age 54. You turn 55 on February 2, As of March 1, 2003 you are an eligible PBGC pension recipient and may be able to use the tax credit for the remaining 10 months of 2003 (Mar. through Dec.), provided you are paying for qualified health insurance. For August through December, you would be eligible to apply for the advance tax credit.

5 Q: I received my entire PBGC benefit as a lump-sum payment. Am I still eligible for the advance tax credit? A: Yes, if you received your lump-sum payment on or after August 6, In addition, you must also have attained age 55 to be considered an eligible PBGC pension recipient. You must also have qualified health insurance. If you were not yet 55, when you received your lump-sum payment, you must wait until you turn 55 to be able to take advantage of the advance tax credit. For example, You were 54 when you received your lump-sum payment in November You turn 55 on May 15, As of June 1, 2003 you are an eligible PBGC pension recipient and may be able to use the tax credit for the remaining 7 months of 2003 (Jun. through Dec.), provided you are paying for qualified health insurance. For August through December, you would be eligible to apply for the advance tax credit. Q: Does the health coverage tax credit affect my pension? A: No, it does not. However, to be eligible to get the health coverage tax credit, you must have attained age 55, you must be receiving a pension benefit from PBGC and have "qualified health insurance". Q: Is the health coverage tax credit through the PBGC? A: No, it is not. The HCTC program is administered by IRS. Starting August 1, 2003, if you are an eligible PBGC pension recipient and paying for qualified health insurance, you can apply for an advance tax credit equal to 65% of your qualified health insurance premium. To apply for the advance tax credit, you must call the HCTC Customer Contact Center tollfree at (866) , or for TDD/TTY (866) Q: Do I (the retiree) need to change my withholding? A: PBGC cannot answer this question for you. Questions relating to whether or not to have monies withheld from your PBGC pension should be discussed with your tax preparer. Q: Does the Health Coverage Tax Credit mean PBGC now has a health insurance program? A: No, it does not. ERISA does not give PBGC the authority to operate a health insurance program. The HCTC was established by the Trade Adjustment Act of 2002 and is administered by IRS.

6 Q: I receive a PBGC benefit and am over 55, but I have health insurance through my current employer. Can I use the tax credit to pay for my contribution? A: If your employer pays for at least 50% of your health plan premium, then you are not eligible for the HCTC. However, if you are paying for more than 50% of your health plan premium, you may be eligible for the HCTC. Q: If I am receiving Social Security Administration (SSA) benefits as a result of a disability, am I eligible for the HCTC? A: Eligibility for the HCTC is determined by several factors. If you are receiving Medicare or Medicaid benefits along with SSA benefits, you are not eligible for the HCTC. The receipt of a SSA benefit by itself does not disqualify you from the HCTC program. Q: What is the Form 8885? A: FORM 8885, Health Insurance Credit for Eligible Recipients, is the IRS form that needs to be completed and submitted with your federal income tax return in order to get a tax credit refund from IRS. The instructions for the FORM 8885 provide guidance as to who may claim the Health Coverage Tax Credit. If you have any questions, you should call IRS for guidance at (800) Q: Where can I get Form 8885? A: Starting in December of each year, you should be able to get this form by calling IRS at (800) or on the IRS Web site. You can also call the IRS toll-free information number, (800) Q: Can I get assistance filling out and filing a Form 8885? A: For guidance on how to fill out the FORM 8885, contact IRS at (800) Q: If I don t owe taxes, can I still receive the HCTC? A: Yes, not owing taxes, referred to as zero tax liability, does not mean you are not eligible for the HCTC. You will have to file a form 1040, with IRS Form 8885, if you claim the credit on your federal tax return.

7 Q: Where do I get more information? A: To get additional information, call the HCTC Customer Contact Center toll-free at (866) , or for TDD/TTY (866) , 8:00 a.m. to 5:00 p.m. Eastern Time (Monday - Friday). You can also get additional information on the IRS Web site. A brochure is available that provides additional information about the advance credit. Call the HCTC Customer Contact Center for a copy. Q: Is the HCTC benefit a PBGC benefit? A: No, it is not. However, certain individuals who receive a PBGC pension benefit may qualify for the HCTC. (See Question 3 for basic HCTC eligibility requirements.)

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