WASHINGTON, DC—Families eligible for tax credits to help purchase health insurance in the new exchange created by the Affordable Care Act will receive an average of $5,548 in instant tax credits. The new marketplace opens on October 1. According to the nonpartisan Kaiser Family Foundation, these subsidies will reduce monthly premium costs by about 32 percent for people buying coverage through the exchange. These immediate credits will apply directly to individuals’ and families’ premiums, making coverage instantly more affordable for those who do not get health care through their employer.

“Today’s report is great news for families who have struggled to pay for health insurance in the past,” said Congressman Himes (CT-4). “Starting October 1, individuals and families not already insured through their employer will have the opportunity to purchase affordable insurance through an online marketplace where they can compare prices and value. Instant tax credits will make these plans even more affordable for people who buy their own insurance.”

These instant tax credits will be available to people earning less than four times the poverty level—about $94,000 for a family of four. This means that 48 percent of people who currently buy insurance for themselves will be eligible for reduced premiums. Eligible families will receive an average of $5,548 per family. When all consumers are taken into account, the average subsidy is $2,672 per family.

A fact sheet on how the Affordable Care Act has already benefitted Connecticut families and how insurance will soon become even more affordable is available here.