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Many to benefit from healthcare tax cut

Posted On Mon, October 11, 2010

Most people will be required to have health insurance by 2014, thanks to the Affordable Care Act. While the new legislation will make having coverage a requirement, many people have wondered how they will pay for such benefits.

Consumer group Families USA commissioned research which found that more than 480,000 people in South Carolina alone may find relief from tax credits in 2014. Furthermore, the study found that 96 percent of those who will be elgiible for the tax credit will be working families.

Families USA executive director Ron Pollack says the tax credit will help many people afford health insurance. He notes the largest middle-income tax cut ever seen will take place in 2014, which will free up money for families to cover health expenses.

Healthcare expenses have consistently edged upward over the years. Even companies have been struggling with how to best deal with the increasing expenses and being in compliance with healthcare reform. Those who are not employed may meet income requirements and be eligible for government-sponsored programs.

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