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October 12, 2011 at 10:59 AM
Including Social Security benefits when deciding whether families qualify for health insurance purchase subsidies could save the government about $13 billion from 2014 through 2021, budget analysts say.
The analysts, staff members at the congressional Joint Committee on Taxation (JCT), considered that idea when they reviewed H.R. 2576.
The House Ways and Means Committee could mark up the bill, which was introduced by Rep. Diane Black, R-Tenn., as early as Thursday.
The bill will would tinker with implementation of the Patient Protection and Affordable Care Act of 2010 (PPACA).
If PPACA takes effect as written and works as drafters expect, the act will create a “premium assistance credit” – a refundable income tax credit – that will function as a subsidy that moderate-income taxpayers can use to buy health coverage through a new health insurance distribution exchange system.
The tax credit will be available to individuals and families with incomes ranging from 100% to 400% of the federal poverty level.
