Tax credits will lower health insurance costs for S.C.
An estimated 418,000 South Carolina residents will qualify for tax credits in 2014 that will lower the cost of health insurance, a new study published by a nonprofit advocacy group shows.
The tax credits will be available to residents who make between 100 percent and 400 percent of the federal poverty level throughout the U.S. through the Patient Protection and Affordable Care Act.
The credits are intended to help middle-income Americans afford to pay for health insurance premiums.
For a person living alone, 400 percent of the federal poverty is approximately $46,000 in annual income. For a family of four, 400 percent of the federal poverty level is about $94,200, said Ron Pollack, executive director of Families USA, the advocacy group that commissioned the study.
“The tax credit subsidies are a game changer,” Pollack said.
In the study, Families USA also found that 89 percent of individuals qualifying for the tax credit in South Carolina will be part of working families. Also, “young adults are the likeliest age group to be eligible for premium tax credits, making up approximately 34 percent of all those who will be eligible.”
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