Credit freezes are free under a federal law that just went into effect. Learn how to protect your credit.
by Jane Sung, Lina Walker, Olivia Dean, March 22, 2017
Over 3 million low- to moderate- income older adults ages 50–64 currently rely on tax credits under the Affordable Care Act (ACA) to purchase health insurance coverage. These tax credits provide critical financial assistance for people who do not have access to affordable health insurance through an employer or a public program.
Proposals to replace the ACA’s tax credits with a new “flat” tax credit, even when adjusted by age, raise significant concerns for older adults. The tax credit proposal included in the American Health Care Act (AHCA) of 2017, as introduced on March 6, would provide substantially less assistance for lower- and moderate-income older adults by as much as $5,900 for an individual.
Older persons would face larger reductions in tax credits than younger persons and, as proposed, the value of the proposed tax credits would erode over time. These changes would put health insurance coverage out of reach for many older adults.
State-by-State Impact of Tax Credit and Age Rating Changes Proposed by AHCA
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A State Scorecard on Long-Term Services and Supports for Older Adults, People with Physical Disabilities, and Family Caregivers
By 2030, one out of every five people in the United State will be 65-plus. Will your community be ready?
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