Tax credits to off-set health insurance costs for some Americans


Web Editor - Mason Stevenson

Starting in 2014, every American will be required to purchase health insurance.

For low and middle income families already struggling to make ends meet, that may sound like an impossibile task, but that's where tax credits will soon come in.

Under the Affordable Care Act, families making less than four times the federal poverty level, or under about $94,000 for a family of four, will receive credits to help offest a portion of health insurance premiums.

The size of the credits will be determined based upon yearly income.  And those credits will lower the costs for premiums in online health exchanges available in every state.

A new study looks at how many people in the Local 6 area will be eligible for those credits.

In southern Illinois, more than 27,000 people will be eligible for tax credits, more than in any other Local 6 region.

More than 18,000 in western Kentucky will be eligible, compared to 15,000 in west Tennessee and 12,000 in southeast Missouri.

The study also found the far majority of those eligible are working familes.

90-percent of those eligible in Kentucky are currently employed.

Their ages range as well.

22-percent of those eligible for tax credits are under 18 years old and 12-percent are over 55.

Statewide, Illinois has nearly one million people eligibile for credits, the most of any Local 6 state.

Kentucky has the smallest number, at around 375,000.