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6.5M To Get Obamacare Tax Relief
The U.S. Department of Health and Human Services released today a report outlining the impact of advanced premium tax credits on premiums in the Health Insurance Marketplaces. Almost 6.5 million individuals in the 37 states using the HealthCare.gov platform are estimated to qualify for an average of $268 per person/month in advanced premium tax credits.
Among consumers who are signed up for 2015 coverage to date in the 37 HealthCare.gov states, 8 in 10 could choose a plan with a premium of $100 or less after tax credits, based on available options.
These figures underscore the impact of the Affordable Care Act in delivering quality, affordable health care coverage to millions of Americans. With only six days left until the Feb. 15 deadline to sign up for coverage through the Marketplaces, HHS encourages consumers to check out their options for a quality, affordable health care plan. The vast majority – 87 percent – of individuals who are signed up through HealthCare.gov qualify for financial assistance.
According to today’s report, on average, premium tax credits reduced consumers’ monthly premiums by 72 percent. The average monthly premium for 2015 coverage dropped from $374 before tax credits to $105 after tax credits, among 6.5 million consumers in the 37 state using the HealthCare.gov platform who selected a plan with tax credits.