On January 1, 2014 several million American families will qualify for hundreds of dollars of health insurance tax premium credits per month.
When these families receive this premium tax credit it will be a “point of sale” subsidy. Meaning the families will receive the credit through monthly reductions in health insurance premium.
In order to qualify for the tax credit the individuals will need to meet the requirements, including having a household income of less than 400% of the Federal Poverty Limit (see our article on the Federal Poverty Limit).
Below is an example of what premiums could be for a family of less than 4 on a Silver Plan that covers 70% of Actuarial Value. So, if you are a household of a mom and dad with 2 kids and you make $47,000 a year, then you make 200% above the FPL (see article on Federal Poverty Limit). At 200% of FPL then your monthly premium could be $242 a month.
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