Open enrollment for ObamaCare is upon us, and with that comes the need to be aware of your financial status.
Federal regulation suggests that those who have gotten an insurance subsidy are required to file a tax return. This will prove that the person was both eligible for the subsidy and that they received the necessary amount of financial aid.
If you did not file tax return, it is a possibility that ObamaCare consumers could possibly lose their subsidies.
For help determining your financial status and more information on open enrollment, please visit Bell and Associates Consulting Firm.
If you are one of the 710,000 reported by the Internal Revenue Service that fall under this category, then you should be receiving a letter from them in the mail, if you did not get one over the summer. According to The New York Times, the letters said this:
“If you do not file a 2014 tax return you will be responsible for the full cost of your monthly premiums and all covered services”
Also according to The New York Times, there are three categories of people who will be impacted:
Non-filers are the people who did not file a tax return at all. This could either be the result of negligence on the individual’s part or because the person did not generate enough income to file.
This group consists of those who filed a return but did not use the proper form to work out an advance payment plan of their premium tax credits.
These people were behind the curve when it came to filing and providing the proper documentation. They may have filed, but they were so late that the information was not made available to insurance companies since the information was not available until after open enrollment. As a result, those who wanted to exchange their health insurance never had a chance to be processed in the system as such, thus leaving them under the same status of the previous year and ignorant as to whether or not they were eligible for ACA subsidies.
For more information on The Affordable Care Act, laws, coverage, and more, Bell and Associates Consulting Firm has dedicated an entire webpage on their website to educate you and keep you informed.
Nonetheless, there are still ways to right this wrong and correct a mistake, if you have made one:
- You may, under a penalty of perjury, substantiate that you did in fact file your tax return and move forward with obtaining your health care plan. If you handle all of this by December 15th, then you are able to hold onto your subsidies for your January 1st coverage.
- If you so happen to lose your subsidy on January 1st, don’t fret; there is a chance you may reverse the damage. If you go to HealthCare.gov, prove that you filed 2014 tax returns, and are found eligible for aid before the end of open enrollment(January 31st), then there is a chance that your subsidy may be restored.
Keep in mind that time is still of the essence in both cases. If you procrastinate and wait until last minute to handle your affairs, you run the risk of your subsidies not resuming until March 1st.
Also remember that you are not going this alone, there are people, including the Obama Administration, who are available to help you understand what is happening and how to make your next move.