The IRS has issued final regulations that modify the definition of a “coverage month” for purposes of calculating the premium tax credit (PTC). The credit helps eligible individuals cover their premiums for health insurance purchased through the Health Insurance Marketplace. The regs clarify that a month qualifies as a coverage month if the amount of the premium paid (including advance premium tax credits) is enough to prevent the termination of a person’s health insurance coverage. The final regs adopt the proposed regs issued last September. The IRS will issue a revised Form 1095-A, Health Insurance Marketplace Statement, to reflect the final regs. Contact us with questions about the PTC.
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