The highest number of people eligible for tax credits is found to be residents of Texas. The number of eligible in Texas is 2.5 million residents followed by California which has 1.9 million, Florida with 1.6 million and Vermont with the lowest figures of 27,000 according to an analysis by The Kaiser Family Foundation.
According to the report about 17 million citizens meet the criteria for tax credits - that is every 6 people of the 10 consumers who want to buy health insurance on the exchange. The eligibility is decided by income - to qualify they must earn between 100 - 400% of the federal poverty level and not be under employer based covers or Medicaid.
This analysis also estimated that 29 million Americans could most probably shop on the federal exchange. According to the Congressional Budget Office 7 million would enroll in the first year and around 6 million of them would avail tax credits. Based on this new analysis by Kaiser, one quarter of potential enrollees would participate of which 35% would be eligible for tax credits.
Hannah Punitha (IRDA Licence Number: 2710062)
Michael Ollove, November 2013