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Will U.S. healthcare reform help pay for health insurance premiums?

If you can’t get Medicaid, you may be able to get tax credits to help you pay for the health insurance you buy through the new health insurance exchanges. The amount of the credit depends on your income.
 
Exchanges are new marketplaces where you will be able to shop for health insurance. You’ll be able to compare the benefits and costs of health plans side-by-side. You can get information about the costs when the exchange begins enrollment in every state in late 2013. Coverage starts in 2014.

Anyone can buy health insurance in an exchange. For example, if you need insurance because your employer doesn’t make it available, you are self-employed or not working, you have been denied coverage, or you have not been able to afford insurance, you can shop in the exchange in your state.

As the legislation exists in summer 2011, the Affordable Care Act will provide for tax credits to help individuals afford health insurance coverage beginning in 2014. If your family income is between 100 percent and 400 percent of the Federal Poverty Level (approximately $10,830 to $43,000 for individuals and $22,050 to $88,000 for a family of four, according to 2010 guidelines), then you may qualify. These tax credits will lower your total tax bill, but they can also be used before tax time to reduce your premium payments, copayments, co-insurance, and deductibles.

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Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.