Many Georgians Eligible for New Health Insurance Subsidy
More than 800,000 Georgians will soon be eligible for new tax credits under the federal health care reform law, according to figures from health nonprofit Families USA.
The tax credits are available beginning in January and set out to help low and middle income Georgians pay their health insurance premiums.
“They’re really subsidies and they’re quite large and they will help people buy private insurance,” said Kathleen Stoll, health policy director of Families USA,. “It really puts health insurance within the grasp of a working family that has never been able to afford it before.”
Subsidies will be available for individuals with annual incomes between about $12,000-$45,000. The range for a family of four will be approximately $24,000–$95,000. Those with the lowest incomes will receive the largest tax credits.
According to Families USA, the annual cost of reasonable coverage for a family of four making $35,000 per year is currently about $12,000. Beginning in 2014 under the Affordable Care Act, that family’s yearly out-of-pocket costs would be reduced to about $1,500.
An open enrollment period begins in October. Consumers will be able to sign up online or through a federal assistance program.
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