1.7 Million Floridians Will Be Eligible for Tax Credits in 2014

New Report Provides County-Specific Breakdown of Tax Credit Eligibility by Income, Age, Race and Ethnicity, Employment Status

Report States 30 Percent of Floridians Eligible to Receive the Tax Credits Are Hispanic

Washington, D.C.— A report released today says that in 2014 more than 1.7 million Floridians will be eligible for premium tax credits that will help them pay for health coverage—a doorway to quality health care for individuals and families of all ages and of all racial and ethnic backgrounds across the state.

The report from the national health consumer organization Families USA includes county-by-county data, which reveal how many Florida families in different income brackets (ranging as high as $94,200 for a family of four) will soon be protected from having to spend more than a set percentage of their income for health coverage.

Under the terms of the Affordable Care Act, these premium tax credits take effect in January 2014, following an enrollment process that begins in October of this year. The tax credits will be determined on a sliding scale based on income. Those with the lowest incomes will receive the largest tax credits, ensuring that those who need it most will get the greatest financial assistance.

The tax credits will help Floridians purchase health insurance that meets their specific needs in the new health insurance marketplace, sometimes called the “exchange,” which is being set up in the state. The tax credits will flow directly to the health plans in which families or individuals enroll, offsetting the total cost of plan premiums.

“For me, this law is personal,” said Rep. Debbie Wasserman Schultz. “As a breast cancer survivor, I went from being a healthy 41 year-old to being diagnosed with cancer –overnight. I was able to combat that diagnosis because I had good health insurance. Today’s report by Families USA, shows that 1.7 million Floridians will qualify for health insurance premium tax credits that will significantly reduce the cost for them to insure and protect their family as well.”

In terms of statewide eligibility for Floridians, the report, “Help Is at Hand: New Health Insurance Tax Credits in Florida,” says:

• More than 1.7 million Floridians will be eligible for new premium tax credits in 2014.

• People with annual incomes between $47,100 and $94,200 for a family of four (incomes between 200 and 400 percent of the federal poverty level), will make up about 56 percent of the Floridians eligible for the tax credits.

• About half (51 percent) of the Floridians who will be eligible for the premium tax credits will be white and non-Hispanic, while 13 percent of the eligible Floridians will be black and non-Hispanic, and about 30 percent of the eligible Floridians will be Hispanic.

The report provides the same data on eligibility for counties or county groupings, based on how data are presented by the U.S. Census Bureau, across the entire state of Florida. For example:

• In Miami-Dade and Monroe counties, approximately 262,710 Floridians will be eligible for the premium tax credit, and about 53 percent of those residents will be families with incomes between 200 and 400 percent of the federal poverty level. Approximately 12 percent of the eligible residents will be white, non-Hispanic, about 13 percent will be black, non-Hispanic, and about 72.5 percent will be Hispanic.

• In Orange County, which includes the city of Orlando, 107,040 people will be eligible, and about 54 percent of those residents will be families with incomes between 200 and 400 percent of the federal poverty level. Approximately 40 percent of the eligible residents will be white, non-Hispanic, about 17 percent will be black, non-Hispanic, and about 35 percent will be Hispanic.

• In Hillsborough County, which includes Tampa, 105,780 Floridians will eligible, and about 56 percent of those residents are families with incomes between 200 and 400 percent of the federal poverty level. Approximately 47 percent of the eligible residents will be white, non-Hispanic, about 14 percent will be black, non-Hispanic, and about 34 percent will be Hispanic.

The report also provides specific data on the employment status and age of eligible Floridians, showing that an overwhelming number of those who will be eligible for tax credits will be in working families, and that young Floridians (ages 18-34) make up a large proportion of those who will be eligible for assistance.

“The tax credit subsidies are a game-changer: They will make health coverage affordable for huge numbers of uninsured families who would have been priced out of the health coverage and care they need,” said Ron Pollack, Executive Director of Families USA.

The full report, “Help Is at Hand: New Health Insurance Tax Credits in Florida,” is available online at http://familiesusa2.org/assets/pdfs/premium-tax-credits/Florida.pdf