A massive economic plan, Build Back Better, is in the works, and some new incentives and programs could improve your life. Here’s what you should know.
Tax Credits for E-Bikes
Taxpayers will soon be able to claim a tax credit for purchasing an e-bike before 2026. Hopefully, this new credit will incentivize consumers to make more sustainable choices and combat the climate crisis one bike at a time.
The credit will be about 30% of the maximum purchase price, which is $900, and gradually phase out for higher-income households. In other words, the tax credit benefits taxpayers who make less than $75,000 a year.
Insulin Cost Cap
One of the most frustrating and alarming outcomes of the increasing prices of consumer goods is the increased cost of life-saving medication like insulin. Insulin prices have skyrocketed in the last ten years, becoming inaccessible to many people who rely on it to survive.
Now, Medicare beneficiaries and those with private insurance will only have to pay $35 or less for their insulin. This includes rapid-acting, short-acting, intermediate-acting, and long-acting insulin for individuals with type 1 and 2 diabetes.
Medicaid Coverage for New Mothers
Maternity leave is a luxury for many new mothers who can’t afford to take a lot of time off after giving birth. If there are complications or extenuating medical conditions, medical bills can pile up while the mother is forced to take time off to recover.
That will be changing soon. States will be required to cover pregnant women enrolled in Medicaid and the Children’s Health Insurance Program for 12 months postpartum. This will benefit over 720,000 mothers per year and cover more than 42% of births nationwide.
Health Insurance for the Unemployed
Many Americans have been unemployed during the pandemic, and the job market continues to be volatile. Because of this, millions of people have lost their healthcare coverage or the ability to pay for it themselves.
New reforms will provide unemployed people with federal subsidies to benefit from health insurance with low premiums.
Food For Families
Lower-income families will benefit from a program that will grant families money to purchase food during the summer when many children are out of school. The plan will grant $65 per child.
Takeaway
The Build Back Better Bill’s new reforms would give millions of people peace of mind during these difficult times. Congress has yet to pass these reforms, but many hope that they will pass quickly and improve life for people struggling financially.
If you are experiencing financial hardship, Buchalter & Pelphrey Attorneys At Law may be able to help.
Let our family help yours.