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The premium tax credit is a refundable tax credit in the United States that’s designed to help eligible individuals and families with low or moderate income afford marketplace health insurance.
Because insurance plans for many households, especially those with older members, cost more than 9.6% of 400% of the poverty level, the ACA's original provisions for the PTC created a benefits cliff, whereby a household that saw an income boost that put them over the 400% line could see a big jump in the cost of their health insurance, turning ...
In 2014, the Internal Revenue Service (IRS) introduced a host of tax provisions to accommodate the Affordable Care Act. Robert W. Wood wrote in Forbes that the relationship between tax filing and obtaining health insurance may cause mixed feelings. Some are expected to feel they have benefited, but others may feel burdened by additional costs ...
As initially passed, the ACA was designed to provide universal health care in the U.S.: those with employer-sponsored health insurance would keep their plans, those with middle-income and lacking employer-sponsored health insurance could purchase subsidized insurance via newly established health insurance marketplaces, and those with low-income would be covered by the expansion of Medicaid.
The idea of the poverty line dates back to 1963, when Mollie Orshansky, a statistician for the Social Security Administration, developed a method to measure how many families were unable to afford...
The CBO estimates that 22.8 million total Americans will enroll in ACA marketplace health insurance plans in 2025. The agency expects enrollment to drop sharply, from 22.8 million to 18.9 million ...
Health insurance exchanges are established, and subsidies for insurance premiums are given to individuals who buy a plan from an exchange and have a household modified adjusted gross income between 100% and 400% of the federal poverty line.
The U.S. Census Bureau measures poverty by comparing a household's pre-tax income to a set poverty threshold. This threshold is the amount of money needed to cover basic needs. While some states ...