Premium Tax Credits: 17M People Could Qualify for These Obamacare Subsidies

Premium Tax Credits: 17M People Could Qualify for These Obamacare SubsidiesUnder key provisions of the Affordable Care Act, about 17 million Americans who are now uninsured, or who buy insurance on their own, will be eligible for premium tax credits in 2014, says a report released today by the Henry J. Kaiser Family foundation.
Residents of five states — Texas, California, Florida, New York and Pennsylvania — represent more than 40 percent of the people who would qualify for these Obamacare tax credits, the report found.
California and New York are operating their own insurance exchanges, while the other states are part of the federal system. The report includes breakdowns of how many people are eligible for tax credits in every state.
Under the law, people with incomes between 100 percent and 400 percent of the federal poverty level may be eligible for premium tax credits when they purchase coverage in a Marketplace.  People who are eligible for other types of public or private coverage, for example Medicaid or coverage through an employer-provided plan, generally cannot claim a premium tax credit.
Those who earn up to 250 percent of the poverty level, or about $29,000, can get additional subsidies to reduce out-of-pocket costs such as deductibles and co-payments.
The 17 million figure comes to about 60 percent of the 29 million people who could make up the market for the health insurance exchanges established by President Obama’s health care reform,
Enrollment via the insurance exchanges began Oct. 1, but has been severely hindered by the failed launch of, the federal portal to the marketplaces in more than 30 states, and technical problems affecting several of the state-run exchanges.

Leave a Reply

Your email address will not be published. Required fields are marked *