Help Is at Hand: New Health Insurance Tax Credits
To ensure that everyone can afford health coverage, the Affordable Care Act provides financial assistance to help low- and middle-income people buy health insurance in the new health insurance marketplaces.
This financial assistance is also known as a "premium tax credit." It works like a subsidy rather than a typical tax credit, meaning that people who don't owe taxes can still get the subsidy. Also, people get the tax credit when they buy health insurance instead of as a refund when they file their taxes.
The size of the tax credit is determined by income on a sliding scale: The lower a person's income is, the larger the tax credit will be. This method ensures that more financial assistance goes to those who need it the most.
This report provides exclusive state- and county-level data that are invaluable for advocates and journalists. Learn how many people across the country could benefit from the new premium tax credits in 2014. The infographics provide a quick look at how many people will get tax credits, how much help low- and middle-income people will receive, and whether readers might be eligible for tax credits.