As a reminder, a special enrollment period will begin March 15 and end April 30 to help consumers avoid tax penalties for not obtaining health insurance coverage this year. In this week’s column we will review the exemptions and penalties for 2014 taxes thanks to the health reform law.
Tax filers are required to reconcile subsidies they got in advance with the actual credit they are entitled to. They will use Form 8962 to make this calculation. Moreover, the individual mandate has also kicked in. Filers with coverage all year for themselves and their dependents have to check a single box on their returns. However, unless the taxpayer qualifies for an exemption, they will see a penalty from the IRS.
Those who go without health insurance will owe the tax unless they have an exemption.
Taxpayers will report their health coverage exemptions on Form 8965.
Individuals seeking a hardship exemption must apply through the exchange.
Exemptions are numerous:
1. People for whom health coverage is too costly
Employees whose share of premiums exceeds 8% of the household’s Adjusted Gross Income (AGI) are exempt.
Those who are not eligible for employer coverage if the cost of a basic bronze-level plan in an exchange, less any tax credits for […]
Even with the lower rates, the plans would remain a good entry point into managed care for providers interested in taking on a payer role, according to one consultant.
Medicare’s recently proposed cut for Medicare Advantage (MA) plan rates drew positive reactions from investors.
Some of the leading companies offering increasingly popular Medicare Advantage insurance coverage saw their stock prices rise this week after the Centers for Medicare & Medicaid Services (CMS) on Feb. 20 proposed an average 0.95 percent cut for 2016. The agency tempered news of the cut by insisting that MA plans—which cover about 30 percent of Medicare’s beneficiaries, or 16 million people—actually would average a rate increase of 1.05 percent after factoring in an expected increase in risk scores.
On the first day of trading after the cut was announced, shares of Humana, which derives the largest share of its business from MA, increased 6 percent. Similarly, UnitedHealth Group, which has the largest MA volume, rose more than 3 percent, as did Aetna.
Market analysts said the rate cut was smaller than the industry was expecting, and some doubt any cut would go into effect given repeated CMS reversals of planned cuts in recent years. For instance, a proposed […]
The Obama administration has no contingency plan if the Supreme Court strikes down subsidies at the heart of ObamaCare, Secretary of Health and Human Services Sylvia Mathews Burwell said in a letter to Congress on Tuesday.
“We know of no administrative actions that could, and therefore we have no plans that would, undo the massive damage to our healthcare system that would be caused by an adverse decision,” Burwell wrote.
Burwell had previously declined to say whether the administration has a backup plan if the Court strikes down subsidies for millions of people under the law in the case of King v. Burwell, set for arguments March 4.
“Right now, my focus is on completing and implementing the law, which we believe is the law,” Burwell emphasized at a Senate Finance Committee hearing earlier this month, where GOP senators pressed her for a plan. “Right now, what we’re focused on is the open enrollment.”
Open enrollment ended Feb. 15. The administration is looking to show the court the damage that would be done if it struck down the subsidies.
Congressional Republicans, including Sen. Orrin Hatch (R-Utah) and Rep. Paul Ryan (R-Wis.), are also working on contingency plans. Hatch said Monday he would unveil a […]
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