A report released today by “Families U.S.A.” touts premium tax credits that will be available in 2014 as part of the federal Affordable Care Act. Families U.S.A. executive director, Ron Pollock, says the credits will help a lot of “working families” in Iowan.
“We estimate that more than 254,000 Iowans will be eligible for the tax credit premium subsidy. And again, the overwhelming majority are in working families. Ninety-two-point-eight percent eligible for the tax credit premium subsidy are in working families where at least one bread-winner is working. About two-thirds –66.2-percent– are between the ages of 18 and 54,” Pollock says.
The credit program will start in January after enrollment in federal health care in October. “The tax credit subsidies are a game changer. They will make health coverage affordable for huge numbers of uninsured families who would have been priced out of the health coverage and care they need,”Pollock says.
“These tax credit premium subsidies will also be an enormous help to those who are purchasing coverage now in the individual market, but who are finding it increasingly unaffordable.” The tax credits are determined on a sliding scale based on income.
Pollock says the credits are paid directly to the family’s insurance company to offset the cost of the premium. The report estimates that the credits would be available to a families with income ranging from 47-thousand-100 dollars up to 94-thousand-200 for a family of four.
The full report is available online here: Families USA report PDF