Health Insurance Tax Credit: Medicare Premiums for Household Members
New rules will allow certain individuals to include Medicare premiums paid by their household members when calculating their health care insurance tax credit. This means families with members paying Medicare premiums could potentially receive a larger tax credit, which may reduce their overall financial burden for healthcare. These changes will take effect after December 31, 2024.
Key points
Allows inclusion of Medicare premiums (Parts A, B, C, D, and supplemental policies) paid by household members when calculating the health care insurance tax credit.
Potentially higher tax credit for families, which may reduce their healthcare expenses.
Changes will apply to coverage months beginning after December 31, 2024.
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