Nearly 26 million people will be eligible for tax credits next year to help them purchase health insurance through ObamaCare’s new state marketplaces, according to a new study.
The figures from liberal advocacy group Families USA shed light on the future reach of one of healthcare reform’s central provisions.
The subsidies are designed to make health insurance affordable for less wealthy individuals and families. Most people will be required to have coverage starting next year or face fines.
“The tax credit subsidies are a game changer,” Families USA Executive Director Ron Pollack told reporters on a conference call. “They will make health coverage affordable for a huge number of uninsured families who would have been priced out of the coverage they need.”
Starting in January, tax credits will be available to individuals and families earning up to four times the federal poverty level, or about $46,000 and $94,200 annually, to offset the cost of health insurance premiums.