Tax credits are
available for individuals and families who meet certain income requirements and
don’t have access to affordable health coverage through their employer. Below
are some key points you should know about tax credits.
- The size of the tax credit is
based on a sliding scale, with those who make less money getting larger
financial support to lower their cost of insurance.
- Individuals and families who
make between 138 percent and 400 percent of the federal poverty level- an
individual making up to $44,680 and a family of four making up to $92,200,
are those who are eligible for tax credits and subsidies.
- Tax credits lower the cost of
your premium and can be used when you enroll, you do not need to wait
until you file a tax return at the end of the year.
- Tax credits are paid to your health plan monthly
by the federal government.
In addition, as always, with any questions you have about Health Care Reform and what that can mean for your family, yourself, or your business, please feel free to either call or set up a meeting at Sweeney & Sweeney and Cheryl, Jamie, Dan, Shannon, Ellen, and/or John would be more than happy to assist with any concerns.