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Tax Credits Bring Down Insurance Costs for Kansas City Buyers

by Vanessa Jones on June 18, 2014 at 5:41 PM
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 Tax Credits Bring Down Insurance Costs for Kansas City Buyers

In Missouri and Kansas the cost of health insurance on the online federal exchange was $ 59 and $67 a month respectively on an average for those eligible for tax credits. The U.S. Department of Health and Human Services said that the tax credits for eligible consumers cut the average premium cost by half when bought on the online federal site.

Missouri and Kansas were among states that did not establish state sites for private insurers to offer plans. Blue Cross, Blue Shield and Coventry/Aetna offered plans in Missouri and Kansas, these plans were under categories - where platinum was the costliest, followed by platinum gold and silver and bronze. Silver is the most popular category in both these states.

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Federal officials said that 77 % of consumers in Missouri had premiums of $100 a month or less after their federal tax credits were calculated and 57 percent had monthly costs of $50 or less. The Affordable Care Act was all about income tax credits, based on family income. These credits were the focus of the Affordable Care Act, also known as Obamacare. The credits were designed to act as a temptation for people to buy health insurance.

The health care finds the silver plan popular among people as it is very specific about the premium a person as an individual or a family will need to pay monthly. This has to be calculated while buying insurance on the federal marketplace. It also calculates the tax credit eligibility based on the federal poverty level.

References:

Diane Stafford, June 2014

Hannah Punitha (IRDA Licence Number: 2710062)

Source: Medindia
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