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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The bid winners had to pay advance premium amount along with Rs100 per sq ft.
Satoshi Uchida, Managing Director, Suzuki Motorcycle said, "As our third new product launch of this financial year, V-Strom 650XT ABS delivers on our promise of introducing well-engineered and technological advance premium offerings; emphasising our commitment to the Indian market."
Recommendations contained in an AMA Council on Medical Service report on improving affordability in the health insurance exchanges include the following: provision of adequate funding for and expansion of outreach efforts to increase awareness of advance premium tax credits; increasing eligibility for premium tax credits (to 500 percent of the federal poverty level); provision of enhanced tax credits to young adults; encouraging state innovation to maximize the number of individuals covered and stabilize health insurance premiums, without impacting existing patient protections; and establishing a permanent federal reinsurance policy.
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.
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 ACA altered the way consumers pay for their coverage, with the implementation of several measures aimed at providing increased financial assistance through federal funding, including the provision of Advance Premium Tax Credits (APTCs) and Cost Sharing Reductions (CSRs), and by expanding Medicaid coverage.
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.