Help Is at Hand:
New Health Insurance Tax Credits in New Jersey
Starting in 2014, the Affordable Care Act will extend health coverage to millions of Americans. This will be done, in part, by offering tax credits to help low- and middle-income Americans afford private coverage. These new tax credits, which will offset a portion of the cost of health insurance premiums, will soon become a reality, allowing many previously uninsured New Jerseyans to purchase quality health coverage.
Every state, including New Jersey, will have a new health insurance marketplace (also called an exchange) that will make it easier for residents to gain health coverage. Though these new state marketplaces may look different, all of them will help individuals and families find coverage that meets their specific needs. The tax credits will help people who are looking for coverage in their state’s marketplace better afford such coverage.
**For detailed county-by-county data, see the Full Report**
Beginning in January 2014, new tax credits will be available that will significantly reduce the cost of private health insurance for individuals and families in New Jersey.
Numbers of People Eligible for the Premium Tax Credit
- Statewide, approximately 610,000 New Jerseyans will be eligible for these new premium tax credits in 2014.
- People with annual incomes between 200 and 400 percent of poverty (between $47,100 and $94,200 for a family of four in 2013) will constitute about six in 10 (about 60 percent) of athe New Jerseyans who will be eligible for premium tax credits.
Help for Working Families
- The vast majority of New Jerseyans who will be eligible for premium tax credits— about 84 percent—will be in working families.
- Statewide, more than 511,000 people, the majority of New Jerseyans who will be eligible for premium tax credits, will be in families with a worker who is employed, either full- or part-time.
Help for All Ages
- Premium tax credits will be available to New Jerseyans in all age groups, from hardworking New Jerseyans who are supporting families to young people just starting their careers.
- Young adults are the likeliest age group to be eligible for premium tax credits, making up nearly 38 percent of all those who will be eligible.
Help for All Races and Ethnicities
- About 46 percent of the New Jerseyans who will be eligible for premium tax credits will be white, non-Hispanic.
- About 15 percent of the New Jerseyans who will be eligible will be black, non- Hispanics.
- About 29 percent of the New Jerseyans who will be eligible will be Hispanics.
- Approximately 10 percent of the New Jerseyans who will be eligible will identify themselves as being American Indian, Aleut or Eskimo, Asian or Pacific Islander, or a member of more than one group.