Health Coverage Tax Credit (HCTC)
HCTC helps certain trade-affected workers, retirees, and their families pay their health insurance premiums. The HCTC makes health coverage more affordable by allowing individuals to pay only 20% of their health insurance premiums each month. To qualify for the HCTC, individuals must be receiving Trade Adjustment Assistance (TAA) benefits – including Reemployment and Alternative TAA or be over the age of 55 and receiving pension payments from the PBGC. Individuals must also be enrolled in a qualified health plan.
The Health Coverage Tax Credit (HCTC) team is traveling to targeted cities around the country to meet with people who work with individuals who may be able to benefit from the program. Michigan HRDI and The National Employment Law Project (NELP) have made arrangements for the HCTC team to come to Michigan for four (4) information sessions.
Who Should Attend?
The HCTC Program partners with companies, unions, the Department of Labor, and state workforce agencies to administer the HCTC. TAA Coordinators, State Workforce Agencies, Rapid Response units, One Stop Service Center staff, Employers and Unions will all benefit from attending.
Seating is limited so Click on the link below to register for this free event!
Register Now!
This information session is a "must attend" especially if you work with companies and workers affected by layoffs and plant closings. You can help make sure employees have timely information on the Health Coverage Tax Credit (HCTC).
Companies and Unions
The success of the HCTC Program depends in part on efforts by companies and unions to make eligible individuals aware that the HCTC is available to them. Workers must make many important, time-sensitive decisions following a TAA certification. It is important they receive accurate and timely information about the HCTC at the same time so they can make educated decisions about health coverage.
Companies and unions can help individuals understand the HCTC by:
- Explaining basic TAA/TRA eligibility requirements
- Identifying important HCTC deadlines
- Outlining qualified health plan options in the state
- Informing individuals that it may take up to six weeks for a health plan to receive the first monthly HCTC payment, and that there may be state-level assistance, called a NEG Bridge/Gap Filler Grant available to help pay for their health plan premium costs until that time
- Emphasizing the need to apply for TAA benefits monthly to maintain HCTC eligibility
By providing key information to potentially eligible individuals at the appropriate times throughout their qualifying event, TAA/ATAA Certification, etc., companies and unions can help individuals become and remain eligible for the HCTC Program.
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