More than 525,000 Missourians will be eligible to receive government subsidies to purchase private health insurance, according to a report released Thursday by the advocacy group Families USA.
The subsidies, officially referred to as premium tax credits, will be issued by Missouri’s federal-run health exchange once it begins operating next year. Family USA’s Kathleen Stoll says the subsidies will be available both to those who don’t have health insurance, and those who do but want a different provider.
“Many of the people who can receive this help are people now who are struggling to pay for employer-based coverage, where the coverage isn’t very good and maybe very expensive for them, where their contribution is very high,” Stoll said.
The Families USA report states that subsidies will be available to Missourians making up to 400 percent of the federal poverty level, which is about $94,200 a year for a family of four.
“It’s not a program just for low-income people, it reaches middle-class people," Stoll said. "They should think about checking it out, even if they have insurance now through an employer, but they may be really struggling with high premium contribution, and maybe a plan that doesn’t provide very good coverage – they still may be eligible.”
Stoll says the application period for premium tax credits will begin this fall on October first.
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