Advance Premium

Advance Premium

The premium on an insurance policy that is paid well in advance. For example, if one pays May's premium in April, the payment is an advance premium. Often, though not always, the advance premium results in a discount on the amount owed.
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Olson says that one area in which the IRS has made heavy use of unreal audits is in asking taxpayers about conflicts between the information on their Form 8962 premium tax credit filings and information in ACA public exchange programs' Form 1095-A reports on taxpayers' use of advance premium tax credit subsidies.
However, some representatives aired their concerns such as the possibility of advance premium payment for at least five years or depending on the length or duration of the employment contract.
Without a stabilization package, the market will collapse and advance premium tax credits will spike.
36B(f)(1) requires taxpayers who receive the benefit of advance premium credit payments to file a tax return and reconcile the advance credit payments with the premium tax credit the taxpayer is allowed for the tax year.
The number of enrollees using the ACA advance premium rose 18 percent, to 83,788.
Do you have a client or know someone who received Advance Premium Tax Credits (APTC) in 2014 and have neither filed their 2014 individual tax return nor filed an extension on their 2014 return?
Beginning in 2014, people applying for private health insurance coverage through the Affordable Care Act's health insurance marketplaces exchanges during open enrollment periods may apply for an advance premium tax credit.
The IRS is anticipating three early PPACA-related issues: premium tax credit calculation errors, advance premium tax credit reconciliation discrepancies, and problems with individual mandate penalty assessments and collection.
Community Mutual, an advance premium insurance company, writes insurance throughout New York using the independent agency system.
In this respect, the positive balance in the premium stabilization reserve account may be viewed also as representing an advance premium that will be used to provide insurance coverage in the future via a premium holiday or reduction in the premium rate.
When you get health insurance through the marketplace, you may be able to get the new advance Premium Tax Credit which will immediately reduce your monthly premiums.
Most will not receive enough (if any) advance premium tax credit (subsidy) to offset the higher premium cost.