As the cost of healthcare continues to rise, new tax credits associated with healthcare reforms are expected to play a central role in making medical care more affordable, especially for low- to middle-income families.
New studies reveal nearly 3.5 million Californians may be eligible for the federal tax credits through the purchase of policies from a statewide insurance platform beginning in 2014, according to The Los Angeles Times. California remains one of the "hardest hit" states affected by the financial crisis and recession. Research reveals 94 percent of Californians who stand to benefit the most from the credits come from families in which at least one member is employed, the newspaper said.
"These premium tax cuts will enable many hard-working Californians to afford health insurance," Family USA deputy executive director Kathleen Stoll told the newspaper. "They put significant extra cash into Californians' pocketbooks and provide real, concrete relief."
Confusion surrounding the healthcare reform timeline has many Americans uncertain about when they should purchase coverage and how their taxes will be impacted. Individuals should consult with their tax preparer during filing season to clear up any uncertainties.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.