FLA -- A report released today says that in 2014 more than 1.7 million Floridians will be eligible for tax credits that will help them pay for health coverage.

In the Tampa Bay area, more than 360,000 residents will be eligible for these tax credits.

“Many of our neighbors are unaware of the new tax credit. Whether you have insurance already or not, if you earn between $15,860 and $45,960 for an individual, and $32,500 and $94,200 for a family of four in 2013, you are probably eligible when you sign up for health insurance later this year,” said U.S. Rep. Kathy Castor (D-Tampa/St. Petersburg, FL). “The vast majority – 87 percent – of those eligible throughout the state are working individuals and families. These tax credits will provide an important boost to middle class families across our community.”

The report from the national health consumer organization Families USA includes county-by-county data, which reveal how many Florida will soon be protected from having to spend a large percentage of their income on premiums.

“Affordable health coverage and economic stability for our neighbors in Tampa Bay is a fundamental part of our economic recovery,” Rep. Castor said. “Stable, affordable health coverage is vital especially to middle class individuals and families, particularly if they have pre-existing conditions or change jobs.”

Under the terms of the Affordable Care Act, these premium tax credits take effect in January 2014, following an enrollment process that begins October of this year. The tax credits will be determined on a sliding scale based on income. Those with the lowest incomes will receive the largest tax credits, ensuring that those who need it most will get the greatest financial assistance.

The tax credits will help Floridians purchase health insurance that meets their specific needs in the new health insurance marketplace, sometimes called the “exchange.” The tax credits will flow directly to the health plans in which families or individuals enroll, offsetting the total cost of plan premiums.

Fast Facts

-More than 1.7 million Floridians will be eligible for new premium tax credits in 2014.

-More than 360,000 residents in Tampa Bay will be eligible for new premium tax credits in 2014.

-57% of eligible residents in Tampa Bay have annual incomes between 200-400% of poverty.

-33% of eligible residents in Tampa Bay are between ages 18-34.

The full report, “Help Is at Hand:  New Health Insurance Tax Credits in Florida,” is available at:  http://familiesusa2.org/assets/pdfs/premium-tax-credits/Florida.pdf 

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