Tax credits available for those losing BadgerCare in April - WKOW 27: Madison, WI Breaking News, Weather and Sports

Tax credits available for those losing BadgerCare in April

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MADISON (WKOW) -- More than 72,000 people who will lose their state-paid BadgerCare insurance next April will qualify for federal tax credits that would reduce their costs for private insurance.

"So, instead of these select individuals getting Medicaid money through the bureaucracy here in Madison, these individuals are getting a credit, a tax credit, which is refundable and is going to lower the cost of premiums," said Rep. Dale Kooyenga (R-Brookfield), who voted against accepting the expanded Medicaid dollars available under the Affordable Care Act.

In fact, many bronze health insurance plans will end up being available to that population with no premium costs at all.  But there is a catch - the deductibles and out-of-pocket maximums for those plans still run into the $5,000 to $7,000 range.

Rep. Kooyenga, who is also a certified public accountant, is on Capitol City Sunday this weekend to talk about those tax credits and the tax implications of Obamacare for millions of Americans.

"Just like you deduct mortgage interest, there's a deduction for medical expenses up to a certain percentage of your income.  That's 7.5 percent.  What Obamacare does, it takes it up to 10 percent," said Rep. Kooyenga. 

Capitol City Sunday will also feature an end-of-the-year interview with Gov. Scott Walker (R-Wisconsin) this weekend.  Part of that discussion revolves around the Governor's plan to look at eliminating the state income tax.

"We might very well stick with our path thus far, which is to keep chipping away at all taxes to lower the overall tax burden.  Or we might come back and say, you know, the biggest bang for our buck when it comes to helping people create jobs is eliminating one of these big taxes like income or property," said Gov. Walker.

Capitol City Sunday airs at 9:00 am. on WKOW 27.

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