FILE - In this March 23, 2010 file photo, Marcelas Owens of Seattle, left, Rep. John Dingell, D-Mich., right, and others, look on as President Barack Obama signs the health care bill in the East Room of the White House in Washington. Medical claims costs _ the biggest driver of health insurance premiums _ will jump an average 32 percent for individual policies under President Barack Obama�s overhaul, according to a study by the nation�s leading group of financial risk analysts. Recently released to its members, the report from the Society of Actuaries could turn into a big headache for the Obama administration at a time when many parts of the country remain skeptical about the Affordable Care Act. (AP Photo/J. Scott Applewhite, File)
KNOXVILLE, Tenn. (WVLT) -- More than a half-million Tennesseans will be able to take advantage of premium tax credits to help pay for health coverage, according to a new study by Families USA. The national consumer health organization did a county-by-county breakdown to see how many families would qualify.
In all, the agency expects 575,000 people in Tennessee to qualify, over 40,000 of whom live in the combined Census region encompassing Knoxville, Knox Co. Anderson Co., and Union Co.
“The tax credit subsidies are a game-changer: They will make health coverage affordable for huge numbers of uninsured families who would have been priced out of the health coverage and care they need,” said Ron Pollack, Executive Director of Families USA.
Under the Affordable Care Act, the amount of the tax credits would be based on a sliding scale inversely proportional to income. Families with an income between 200% and 400% of the federal poverty level (between $47,100 and $94,200 for a family of four) would be eligible for the credits.
The credits are set to go into effect in January of next year, following an enrollment period that starts this October.
The full report, “Help Is at Hand: New Health Insurance Tax Credits in Tennessee,” is available online at http://familiesusa2.org/assets/pdfs/premium-tax-credits/Tennessee.pdf