NY State of Health Revamps its Tax Credit Program to Marketplace Enrollees
In the wake of the recently passed federal American Rescue Plan (ARP), NY State of Health will be offering expanded financial assistance to marketplace plan enrollees in the form of expanded tax credits. These tax credits have two main components:
- Those currently eligible for tax credits will receive greater tax credits. As a reminder, these tax credits are currently available for individuals earning $51,040 (individual) and $104,800 (family of four) annually. Enrollees will never be charged more than 8.5% of their annual salary for health insurance, regardless of the amount of tax credits they receive.
-Those not currently eligible for tax credits may receive tax credits in the near future as the ARP has spurred an increase in the salary threshold one needs to make to be eligible for benefits. Amount of benefits is dependent on location and an enrollee will never pay more than 8.5% of their annual salary regardless of the amount of money they make.
You can find all of the relevant resources for an updated Marketplace premium determination HERE.