Retirees whose health care coverage is offered through their former employer may find that coverage in jeopardy if the company goes bankrupt. Those who qualify, however, have an opportunity to rescue that coverage with the federal Health Coverage Tax Credit, which is handled by the Internal Revenue Service. The credit pays 72.5% of premiums for those whose health plans have been lost amid a company's bankruptcy and whose company pension was subject to a Pension Benefit Guaranty Corp. takeover.

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