Nearly 3M Californians Eligible for ACA Tax Credits

Nearly three million Californians will be eligible for federal tax credits to help pay for health insurance under the Affordable Care Act, according to a report by Families USA, the Sacramento Business Journal reports.

The federal tax credits will take effect in January 2014 to help individuals pay for health plans purchased through state health insurance exchanges.

Individuals eligible for the credits are those with incomes up to four times the federal poverty level, or $46,000 for individuals and $94,200 for a family of four.

The size of the credits will be determined by a sliding scale based on income.

The subsidies will be paid directly to the health plans to offset the total cost of premiums, rather than requiring enrollees to pay the full cost upfront and recoup a discount later.

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