New Health Care Benefit for PBGC Payees

Pension Benefit Guaranty Corporation (PBGC) payees, ages 55 or older, and their families can receive help with health insurance costs through the Health Coverage Tax Credit (HCTC).

The HCTC is a federal tax credit available on a monthly basis, or on a yearly basis when filing for federal income taxes. The credit pays 72.5 percent of qualified health insurance premiums. Qualified family members of PBGC payees who enroll in Medicare, pass away, or divorce may also be eligible to receive the HCTC for up to 24 months from the month of the qualifying event, or until January 1, 2014, whichever comes first.

“The IAM is consistently working and looking for new ways to improve the quality of life for our current and retired members,” said IAM General Secretary-Treasurer Robert Roach, Jr. “Our hope is that as many eligible IAM retirees as possible take advantage of this credit. It will go a long way towards offsetting some of the health care costs for themselves and their family.”

For more information, visit the IRS web site at www.irs.gov/hctc or call the HCTC Customer Contact Center at 866-628-4282.

While you’re waiting to be registered for the HCTC, you may also be eligible for temporary state-level assistance known as the National Emergency Grant (NEG) Bridge Grant or Gap-filler funds. Contact the U.S. Department of Labor at 877-US-2JOBS (877-872-5627) to learn more.