Report Digs into Premium Tax Credits That will Aid in HIX Insurance Buying
An estimated 25.7 million Americans, based on projections from the Lewin Group, will be eligible for premium tax credits to aid in purchasing health insurance in 2014, according to a new report from advocacy organization Families USA.
An estimated 25.7 million Americans, based on projections from the Lewin Group, will be eligible for premium tax credits to aid in purchasing health insurance in 2014, according to a new report from advocacy organization Families USA.
Insurance will be available via health insurances exchanges, also called marketplaces, being established in each state and six territories. “Though these new state marketplaces may look different, all of them will help individuals and families find coverage that meets their specific needs,” the report notes. “The tax credits will help people who are looking for coverage in their state’s marketplace better afford such coverage.”
The states also will have to develop “robust” outreach programs to educate consumers on the tax credits and exchanges, and provide help down to a one-on-one level, according to the report.
The credits are available for individuals and families with income between 200 and 400 percent of the federal poverty level, depending on the level of generosity of various states. For a family of four, that means annual incomes between $47,100 and $94,200, depending on the state. Tax credits will be determined on a sliding scale based on income, so individuals and families with the lowest incomes will get the highest credits, according to the report.
About 58 percent of those eligible will be Caucasian, 23 percent will be Hispanic, 11 percent will be African-American and 8 percent will be other races. The overwhelming majority of those eligible will be in working families and those aged 18 to 34 will make up a large proportion, the report estimates. The report lays out multiple scenarios to demonstrate how much families will pay for coverage.
The report, available here, includes national and state-specific data, such as 2.6 million individuals will be eligible in Texas, along with 1.7 million in Florida, 745,000 in Michigan and 142,000 in West Virginia.
Insurance will be available via health insurances exchanges, also called marketplaces, being established in each state and six territories. “Though these new state marketplaces may look different, all of them will help individuals and families find coverage that meets their specific needs,” the report notes. “The tax credits will help people who are looking for coverage in their state’s marketplace better afford such coverage.”
The states also will have to develop “robust” outreach programs to educate consumers on the tax credits and exchanges, and provide help down to a one-on-one level, according to the report.
The credits are available for individuals and families with income between 200 and 400 percent of the federal poverty level, depending on the level of generosity of various states. For a family of four, that means annual incomes between $47,100 and $94,200, depending on the state. Tax credits will be determined on a sliding scale based on income, so individuals and families with the lowest incomes will get the highest credits, according to the report.
About 58 percent of those eligible will be Caucasian, 23 percent will be Hispanic, 11 percent will be African-American and 8 percent will be other races. The overwhelming majority of those eligible will be in working families and those aged 18 to 34 will make up a large proportion, the report estimates. The report lays out multiple scenarios to demonstrate how much families will pay for coverage.
The report, available here, includes national and state-specific data, such as 2.6 million individuals will be eligible in Texas, along with 1.7 million in Florida, 745,000 in Michigan and 142,000 in West Virginia.
More for you
Loading data for hdm_tax_topic #better-outcomes...