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Archive for the ‘Subsidy’ Category

IRS may never recoup $350 million in Obamacare tax credit overpayments

Wednesday, September 16th, 2015

The Washington Times reports:

“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.

Most customers in the health care law’s insurance exchanges get taxpayer-funded subsidies to help cover their premiums, and the amount is based on their expected earnings. At the end of the year, they are supposed to square their anticipated earnings with what they actually made. Because most exchange members received higher incomes — through promotions or better jobs — they have to repay the IRS.

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Ready for a 255% premium hike?

Monday, March 2nd, 2015

Benefits Pro reports:

“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.

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Getting Affordable Care Act subsidies

Thursday, July 17th, 2014

USA Today reports:

“The Affordable Care Act (ACA), aka Obamacare, provides subsidies to Americans making up to 400% of the poverty level, about $94,200 for a family of four. Can you juggle finances to best cash in on subsidies?

Rather than limiting subsidies to only those with a small net worth, the ACA provides aid to all persons with low incomes, including those early or partial retirees.

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Beware pitfalls of health care subsidy: Spike in income could spell big tax bill

Thursday, June 26th, 2014

The Chicago Tribune reports:

“Individuals receiving monthly premium subsidies to pay for health coverage purchased on the new exchanges should keep their eye out for Uncle Sam. You could owe a big tax bill on your 2014 return next spring if your income rises during the year and you don’t report the change to the exchange.

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How to quality for a government health insurance subsidy

Friday, July 19th, 2013

Chicago Tribune reports:

“As health care reform kicks into high gear, many Americans are asking: Will I qualify for a government subsidy to buy health insurance under the new health care law, and when do the changes kick in?

Eligibility depends on your income, family size and the cost of coverage in your area. The biggest changes from the health care law take effect on Jan. 1, 2014, when insurers will no longer be able to reject people for coverage or charge higher rates because of their health.

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