facebook
twitter
rss
account
search
search
 

Almost 23 million of working families to get healthcare credit

May 2, 2013 at 12:54 AM   |   Comments

| License Photo
WASHINGTON, May 2 (UPI) -- Health insurance premium tax credits from the Affordable Care Act work more like a subsidy rather than like a tax credit, a U.S. non-profit group says.

Families USA said beginning in 2014, the Affordable Care Act will extend health coverage to almost 26 million Americans, in part by offering tax credits to help low- and middle-income people, including many not previously insured.

Individuals who don't owe taxes can still receive the subsidy, and they will receive the subsidy when they buy private health insurance -- not as a reimbursement after filing taxes, the group said.

Almost 23 million eligible for the tax credits will be working families, who have incomes between two and four times the poverty level -- between $47,100 and $94,200 for a family of four based on 2013 poverty guidelines.

However, because the size of the tax credits will be determined on a sliding scale based on income, those with the lowest incomes will receive the largest tax credits, ensuring the assistance is targeted to the people who need it most, Families USA said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Canadian woman stranded in Sierra Leone amid Ebola outbreak Canadian woman stranded in Sierra Leone amid Ebola outbreak
2
Crest agrees to stop putting plastic microbeads in your toothpaste Crest agrees to stop putting plastic microbeads in your toothpaste
3
Research links sugar subtitutes to obesity Research links sugar subtitutes to obesity
4
Morning exercise helps calm ADHD symptoms in children Morning exercise helps calm ADHD symptoms in children
5
Yoga guru BKS Iyengar dies at 95 Yoga guru BKS Iyengar dies at 95
Trending News
Video
x
Feedback