“Millions of Americans who forwent buying health insurance in 2014 could face penalties in the coming year, the first such fees since open enrollment under the Affordable Care Act, or Obamacare, began in October 2013. The fine is part of President Barack Obama’s landmark law that requires all taxpayers to divulge their health insurance status to the Internal Revenue Service when filing their federal income tax returns. People who qualify for an exemption can avoid paying the penalty, but there is a little bit of extra paperwork involved.
Posts Tagged ‘Affordable Care Act’
“An Obamacare-created and taxpayer-funded insurance company in Iowa has been taken over by the state due to a financial crisis.
CoOportunity Health is Iowa’s insurance cooperative — a nonprofit insurance company created by the Affordable Care Act to supposedly undercut the large, for-profit insurers that Democrats castigated as “greedy” and “evil” during the debate over health care reform.
“Why the hell did Jonathan Gruber say that? And that? And that? And (sigh) the other thing? Those are the questions on the minds of virtually everyone in the health care world—especially the people who worked the hardest on Obamacare. Ever since the videos started popping up, one after another, America has come to know Gruber—the MIT economist who worked closely on both Obamacare and Romneycare—as the guy who thinks voters are “stupid.” And the guy who thinks Obamacare was passed because of trickery. And who says, ha-ha, voters don’t understand economics. For a while, Fox News didn’t have to bother running anything else.
“Ever since the passage of the Patient Protection and Affordable Care Act, better known as Obamacare, critics have cited the penalties that the law imposes on those who don’t have qualifying healthcare coverage. Yet, with those provisions not taking effect until this year, no one has yet seen exactly how Obamacare penalties will work. As the 2014 tax season approaches, though, the IRS has started to provide some guidance on what to expect from the provisions of the Affordable Care Act, and how they’ll affect your 2014 taxes.
“2015 marks the first year that taxpayers will have to prove they have health insurance or, if they don’t, they’ll have to pay a penalty. But how is the proof presented?
About half the adult population might not know the answer to this, according to a Harris Poll commissioned by Intuit TurboTax. The TurboTax folks had Harris poll more than 2,000 adults, and 48 percent didn’t know they’ll be required to declare their health coverage status on their 2014 tax return.
“An 11th-hour bid to establish a state-based health insurance exchange fell short Wednesday when the Illinois House adjourned for the remainder of the year without bringing the matter for a vote.
Against the backdrop of a federal deadline to take action and the looming end of single-party control of state government, the sponsor of the measure said she couldn’t round up enough votes to get the measure to outgoing Democratic Gov. Pat Quinn’s desk.
“As the cost of health care rises, more and more Americans in nearly every economic class are choosing to delay medical treatment because they can’t afford it.
A new Gallup poll released Friday found that about one in three Americans say they have put off treatment for themselves or a family member because of cost—the highest rate recorded in Gallup’s history.
“The U.S. Supreme Court agreed to consider a challenge to the subsidies that are a linchpin of President Barack Obama’s health-care overhaul, accepting a case that suddenly puts the law under a new legal cloud.
Two years after upholding much of the law by a single vote, the justices today said they will hear a Republican-backed appeal targeting tax credits that have helped more than 4 million people afford insurance.
A ruling blocking those credits might unravel the Affordable Care Act, making other provisions ineffective and potentially destabilizing insurance markets in much of the country. The high court’s decision to hear the case comes days before the start of the law’s second open-enrollment season. A decision will come by June.
“Now that Republicans will be taking control of the Senate, party leaders will get the chance to stage a full vote on the repeal of Obamacare, forcing either a Democratic filibuster or a presidential veto. Either way, it will be pure theater, since there’s no real chance of undoing the law as long as President Obama remains in office. But the results of Tuesday’s election will still have a real impact on the Affordable Care Act’s provisions for state-level Medicaid expansions.
“Midterm elections will be here next week, and the Patient Protection and Affordable Care Act is still on the minds of voters and candidates.
According to Kaiser Family Foundation, Democrats and Republicans are using PPACA to tell their stories in very different ways. Of GOP health care ads, 84 percent mentioned PPACA — and every ad cast the law in a negative light. Meanwhile, just 15 percent of Democratic ads on health care issues included messaging on the law.
So the big question is: What will happen to PPACA if Republicans take control of the Senate after next week’s election?
We asked some industry experts to weigh in and predict PPACA’s fate. Here’s what they said.