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Irs Helping Some With Health Insurance

Blog Post Date: Feb 17 2010
IRS Helping Some With Health Insurance

DETROIT, Feb. 15 (UPI) -- Thousands of qualified workers in Michigan who lost their jobs or retired have signed up for an IRS program to bear health insurance costs, a money manager estimated.

The Health Coverage Tax Credit pays 80% of health premiums for those who lost their jobs to outsourcing or whose pension plans dismissed.

The Detroit News reported Monday, "Thousands of Delphi employees" have signed up for the program, said David Kudla, chief executive officer of Mainstay Capital Management in Grand Blanc, Mich.

The News said, For some people, the tax credit means the IRS will pay $15K of their healthcare premiums this year.

Unless it is reapproved, the program will return to paying 65% of healthcare premiums after this year. It was expanded to 80% as part of the American Recovery and Reinvestment Act.

For this year, "it has literally made a lot of difference for people who were bankrupt or foreclosed upon, where they have a opportunity to survive economically," said Den Black, spokesman for a Delphi Automotive LLP salaried workers retirement group.


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