Many residents in the northeast of the state will be able to take advantage of the assistance it provides.
As of a newly released report, it has been estimated that almost 81,000 people in Northeast Pennsylvania will be eligible for purchasing health insurance that is subsidized by the government when the marketplace opens up in the state for coverage next year.
The report gave details of exactly who will receive this eligibility in the state when the exchange opens.
The name of the report is “Help is at Hand: New Health Insurance Tax Credits in Pennsylvania”. It was created by a nonprofit from Washington D.C. called Families USA. This organization is in support of the Affordable Care Act. It provides specific detail regarding the eligibility of the people in the state for receiving subsidized coverage through the Pennsylvania online marketplace.
The report also pointed out that throughout the state, almost 900,000 people will be able to use the health insurance exchange.
Enrollment through the use of the Pennsylvania health insurance exchange will start on October 1 of this year so that coverage will be in place when the “individual mandate” becomes effective on January 1, 2014. The tax credits will be applied to the premiums of eligible individuals, families, and small businesses at the time that the purchase is made.
The health insurance plans that will be compared and purchased over the state’s marketplace will have each received government approval. The report indicated that many of the people who will be able to take advantage of the tax credits for the coverage will be young adults between the ages of 18 and 34, and will come from working families.
Approximately 57 percent of those who are eligible for tax credits on the health insurance premiums through the exchange will be residents of the state with incomes that fall within the range of 200 to 400 percent of the national poverty line. For instance, for a family of four, this would mean that their income would fall within the range of $47,100 to $94,200.
Therefore, if a family of four had a $47,100 annual income, then they would be required to pay an amount no greater than 6.3 percent of that income toward the health insurance coverage of all four members, explained the Families USA report.
