Tax credits lead to more affordable coverage for those in Missouri and Kansas
Tax credits offered by the U.S. federal government are having a major impact on the cost of health insurance in Missouri and Kansas. These tax credits come from the Affordable Care Act, passed in 2010, and have helped make insurance coverage more accessible and less expensive. The credits are applied to policies that are sold through state-based insurance exchanges and are available to those that fall within a certain poverty level, as defined by the federal government.
Average cost of coverage in both states is less than $100 a month
According to the Department of Health and Human Services, tax credits offered by the federal government have cut the average cost of insurance coverage down by $344 in Missouri and $290 in Kansas. The average person purchasing coverage from the Missouri exchange is paying approximately $59 for this coverage, while those in Kansas are paying an average of $67 a month for coverage. The actual cost of coverage is heavily based on what type of policies consumers have. These policies are in tiered categories, with bronze being the lowest tier and platinum being the highest. Platinum policies are more expensive, but also offer better coverage options and benefits.
Federal law succeeds in making coverage more affordable
The Affordable Care Act has been the subject of controversy for the past few years. The federal law has introduced major changes to the health care landscape and insurance industry, but many of these changes have gone unnoticed or have been misconstrued. One of the primary goals of the federal law was to make insurance coverage more affordable to a wider range of consumers. Despite the opposition the law has received in the past, and still continues to receive, it has been quite successful in this endeavor.
Government investigates the eligibility of those receiving subsidies for insurance coverage
While tax credits have helped make coverage more affordable for consumers, federal officials are concerned that these credits are being abused. Some 2 million people are receiving subsidies from the federal government through the Affordable Care Act, but how many of these people are actually eligible for these subsidies has become an issue of concern. The government recently launched an investigation into the matter to determine whether or not subsidies are being abused.