|Federal Information & News Dispatch, Inc.|
"The report released today provides further evidence of what we already knew to be true - the Affordable Care Act is working to provide better health care today, and it will work to provide higher quality, more affordable coverage for years to come," said Senator Menendez, who fought for the landmark legislation's passage as a member of the
"In addition to providing families with cost-savings, these tax credits are designed so families benefit right away and without having to transfer any money at all - the credits are not contingent on filing a tax return, so they're available on day-one. Additionally, they're sent directly to the insurance provider so the value of the credits is reflected in lower premiums."
Senator Menendez also noted that New Jerseyans who have health insurance have ended up paying a
"By expanding coverage through
The report from the national health consumer organization
Under the terms of the Affordable Care Act, these premium tax credits take effect in
The tax credits will help New Jerseyans 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.
In terms of statewide eligibility for New Jerseyans, the report, "Help Is at Hand: New Health Insurance Tax Credits in
* More than 610,000 New Jerseyans will be eligible for new premium tax credits in 2014.
* People with annual incomes between
* About 46 percent of the New Jerseyans who will be eligible for the premium tax credits will be white and non-Hispanic, while about 15 percent of the eligible New Jerseyans will be black and non-Hispanic, and about 29 percent of the eligible New Jerseyans will be Hispanic.
The report also provides specific data on the employment status and age of eligible New Jerseyans, showing that an overwhelming number of those who will be eligible for tax credits will be in working families, and that young New Jerseyans (ages 18-34) make up a large proportion of those who will be eligible for assistance.