HHS: Tax incentive hits $268 per month for Healthcare.gov enrollees
Based on income, 8 in 10 people could choose a plan with a premium of $100 or less after tax credits, feds say.
As the Feb. 15 open enrollment deadline approaches, a new report by the Department of Health and Human Services says an estimated 6.5 million consumers qualify for an average tax credit of $268 per month.
The vast majority of individuals, 87 percent, who signed up through Healthcare.gov qualify for financial assistance, the report states. Eight in 10 could choose a plan with a premium of $100 or less after tax credits, based on available options, according to report released Feb. 9.
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“Consumers who sign up in states using HealthCare.gov are saving $268 a month on their premiums on average, and nearly 8 in 10 could select a plan with a premium of $100 or less with tax credits,” said. HHS Secretary Sylvia Burwell in a statement. “This is further proof that the Affordable Care Act is working for the middle class.”
Almost 6.5 million people in the 37 states using the HealthCare.gov platform qualify for $268 per person, per month in advanced premium tax credits, according to the HHS report. On average, premium tax credits reduce consumers’ monthly premiums by 72 percent, the report states.
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The average monthly premium for 2015 coverage dropped from $374 before tax credits to $105 after tax credits, among the 6.5 million consumers in the 37 state using the Healthcare.gov platform who selected a plan with tax credits, according to the report.
The report includes state-by-state figures. This analysis includes plan selections from Nov. 15 through Jan. 30.
Individuals who miss the Feb. 15 deadline will likely have to wait to sign up for coverage until the next open enrollment season, with coverage starting in 2016.
Twitter: @SusanMorseHFN
