Proposed Rule on Premium Tax Credits: Who's Eligible and How Much Will They Help?

The Congressional Budget Office estimates that by 2020, 20 million people in the U.S. will receive premium tax credits to help offset the costs of their insurance, with an average credit of $6,740. This will substantially reduce premium costs for people who are uninsured and must buy coverage on their own or pay the full premium for COBRA coverage if they lose their job. This post highlights the following:

• Who is eligible for the credits?
• Are employees of firms that offer coverage eligible for the tax credits?
• How much of the premium will the tax credits cover and when will they be available?

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