NEW YORK (MainStreet)Millions of Americans will soon become eligible for a new tax credit, the so-called health care subsidy, but many of them are not aware they may qualify for it.
Nearly 26 million Americans will qualify for the federal subsidy under the Affordable Care Act (ACA), according to Families USA, a nonprofit and nonpartisan consumer advocacy group. Its number crunching showed that a family of four with an income as high as $94,200 will be eligible for the government subsidy.
However, a Kaiser Family Foundation tracking poll in March found that only 62% of respondents were aware that the ACA provides subsidies to help low-income and moderate-income Americans to purchase health insurance on the new state exchanges. The Congressional Budget Office projects that there will be 7 million people enrolled in the exchanges in 2014. About 6 million of them will be receiving subsidies, according to the CBO.
Be aware, however, that the amount of the tax credit is based on your estimated annual income.