When individuals purchased insurance on the private market, typically the costs where prohibitively high for many, and/or the insurance would not cover much. That was the case until Obamacare. The insurance exchanges create a place where people can group together to buy insurance to get a better deal on premiums. In addition, the Advanced Premium Tax Credits (APTC) give extra help to those making less than 400% of the federal poverty level for anyone who doesn’t qualify for Medicaid.
17 million people will be eligible for premium tax credits in the new health insurance marketplace.
That according to a report from the Kaiser Foundation, which also estimated that 155,000 Nevadans will also be eligible for tax credits. It’s important to note that these tax credits aren’t like other tax credits, which are typically received after filing your tax return. Through the health insurance marketplaces, eligible enrollees will get these tax credits upfront, and apply them directly to the cost of the premiums, saving families and individuals thousands of dollars.