The GOP health plan released this week could give some Cobb County residents access to thousands of dollars to buy health insurance but for others would take away the financial help that makes buying coverage possible.
The federal tax credits proposed in the House plan, the “American Health Care Act,” would be far less generous for older and low-income Georgians and benefit younger and higher-income residents, an analysis by the nonprofit Kaiser Family Foundation shows.
The Affordable Care Act and the GOP proposal both offer tax credits to help people buy insurance but structure them very differently. Right now, Obamacare tax credits are based on income, with people who make less getting more help. The GOP plan, however, would give people a lump-sum credit, ranging from $2,000 to $4,000, based mostly on age and less on income.
Here’s an example of how that might look for Cobb County residents based on Kaiser’s analysis.
A 27-year-old making $30,000 a year would see his credit increase by $170, from $1,830 under Obamacare to $2,000 under the new plan. Meanwhile, a person the same age but making $20,000 would see his credit decrease by $1,350.
Older Cobb residents would get hit even harder. A 60-year-old making $20,000 a year would see her credit slashed by more than $6,000, while someone the same age making $50,000 would see his credit reduced by about $2,000.
Among those who would benefit most under the Republican plan are higher income earners who currently don’t qualify for Obamacare tax credits, which cut off at around $48,000. The new plan would allow people earning up to $75,000 to get tax credits.
Read more about the GOP’s health plan and how it would impact Georgians on MyAJC.
Support real journalism. Support local journalism. Subscribe to The Atlanta Journal-Constitution today. See offers.
Your subscription to the Atlanta Journal-Constitution funds in-depth reporting and investigations that keep you informed. Thank you for supporting real journalism.