“A quirk in the law means the IRS will never be able to recoup nearly $350 million in overpayments on Obamacare tax credits last year, and one top senator says he is worried that fraudsters will exploit the loophole to wring more cash out of the government.
Posts Tagged ‘Affordable Care Act’
“Sure, there’s a deductible with your health insurance. But then what’s the hospital deductible? Your insurer may have multiple deductibles, and it pays to know which apply when. These questions and answers tackle deductibles, whether an ex-spouse has to pay for an adult child’s insurance, and balance billing.
” About 1.5 million people dropped off health insurance coverage rolls this year after failing to pay for policies they picked on the Obamacare marketplaces.
That left 10.2 million covered by Affordable Care Act policies as of March 31, up from 6.3 million at the end of 2014, the Centers for Medicare & Medicaid Services said today. Eighty- five percent got subsidies to help them afford coverage.
“It looks like the Obama administration may have another big legal headache in defending the Affordable Care Act.
A Republican-appointed judge’s comments Thursday suggest that it’s very possible the administration will have to fight a new high-stakes court battle to save another key affordable coverage feature of the law. (more…)
Employer Paid Individual Health Insurance Policies Create the Potential for Significant Penalties, but Limited Relief is AvailableThursday, June 25th, 2015
“Despite guidance from the Internal Revenue Service (“IRS”), the Department of Labor (“DOL”) and the Department of Health and Human Services (“HHS”) indicating the prohibition of the practice under the Affordable Care Act (“ACA”), some employers continue to reimburse employees for health insurance premiums. This practice could lead to thousands of dollars in penalties.
Notice 2015-17 is the IRS’ most recent guidance on such arrangements, reaching the same conclusions. It also, however, provides welcome penalty relief for certain employers.
“A family of four with employer-sponsored health coverage is shelling out substantially more since the advent of the Patient Protection and Affordable Care Act. The cost of family coverage also is rising so fast that even this standard employee coverage package could trigger the 2018 Cadillac tax.
“When Dr. Richard Besser, ABC News’ chief health and medical editor, sat down with President Obama yesterday, the conversation focused on the health impact of climate change, gun control, and the Affordable Care Act.
Besser asked the president to rate the success of the Affordable Care Act on a scale from 1 to 10. Obama gave the law an “8.”
“The average cost of maternity care and delivery without complications is $23,000. With complications, that number jumps steeply. Imagine facing that cost if you’re uninsured? For approximately 13 percent of the over 6 million womenwho become pregnant yearly, these costs are a harsh reality.
But there’s a strong movement that’s trying to change that.
“Tim Liszewski didn’t have health insurance for a decade before signing up for a subsidized policy through the Affordable Care Act’s federal marketplace last year.
He likely will be uninsured again if the U.S. Supreme Court rules federal subsidies are illegal in states such as South Carolina that didn’t create their own insurance exchanges. The court hears arguments about that issue in the King v. Burwell case on Wednesday, with a decision likely coming in June.
“Supreme Court ruling killing PPACA subsidies may cause premiums to skyrocket.
If the U.S. Supreme Court rules that federal subsidies under the Patient Protection and Affordable Care Act are invalid, 7.5 million Americans could face an average premium increase of 255 percent this year. And some could face an increase as much as 779 percent.
That’s the dire warning from consulting firm Avalere Health on the impact that the King vs. Burwell case could have on consumers. Arguments in the case begin March 4.
Avalere said 87 percent of federal exchange customers receive a subsidy. Therefore, the firm said killing the subsidies would cause “average monthly premium contributions for enrollees” to potentially increase “between 122 percent and 774 percent, depending on the state.” Residents in Alaska and Mississippi would see the highest percentage increases in their premium contributions, if the court rules in favor of the plaintiffs.