In the next few days, consumers who enrolled in qualified health plans through the marketplaces in 2014 will begin receiving IRS form 1095-As from the marketplaces, be they the federally facilitated marketplaces (FFMs) or state-operated marketplaces. The form 1095-A is the form that provides individuals who have enrolled in qualified health plans through the marketplaces the information they need to fill out form 8962, which in turn is the form enrollees will need to reconcile the advance premium tax credits (APTC) they received in 2014 with the premium tax credits they were actually entitled to. The marketplace also reports the information on the 1095-A to the IRS.
The complicated process of signing up for Obamacare is now being matched by IRS instructions to help Americans figure out how much in healthcare taxes they owe Uncle Sam.
The agency has issued 21 pages of instructions, complete with links to at least three long forms and nine tip sheets.
It is geared to those who have Obamacare or who owe a fine, dubbed “shared responsibility payment,” for refusing to get health insurance. The IRS warned that everybody must have health insurance or pay the tax.
”Safer Cars Lead to Drop in Fatalities” trumpets a recent Wall Street Journal headline. Not to be a curmudgeon, but whether this is good news or bad news depends on what it cost to achieve this reduction in mortality. No one disputes that saving lives is a very good thing, but even the richest nation in the world lacks infinite resources. We will never lack opportunities to save lives. But since there are more and less cost-effective ways of achieving this objective, we are best served by policies that move us in the direction of saving lives at the least cost. Auto safety regulation and Obamacare are simply the latest illustrations of where we may have focused far too much on the benefits being achieved and much too little attention on the cost side of the ledger.
Is Auto Safety Regulation Cost-effective?
Obamacare was designed such that its most harmful provisions would not be implemented until after the President had been returned to office for a second term and his Democrat accomplices had been reelected to their congressional seats. Fortunately for the nation, the latter part of that strategy was a spectacular failure. Nonetheless, it did provide the public with a temporary reprieve from the health care law’s most painful exactions. That brief respite is now at an end. This year, you will begin to experience the realities of “reform” first hand and you are not going to like how it feels.
Here is something few pundits predicted.
Poor, long-uninsured patients are getting Medicaid through Obamacare and finally going to the doctor’s office for care. But middle-class patients are increasingly staying away.
Take Praveen Arla, who helps his father run a family practice in Hillview, Kentucky. The Arlas’ patient load used to be 45% commercially insured and 25% Medicaid. Those percentages are now reversed, report Laura Ungar and Jayne O’Donnell in USA Today.
By Jonathan Ingram, Josh Archambault, and Nic Horton — Mr. Ingram is Research Director, Mr. Archambault a Senior Fellow, and Mr. Horton is a Policy Impact Specialist at the Foundation for Government Accountability.
Tomorrow, a new Congress convenes, with the largest Republican majorities in nearly a century. These Republicans, elected on the promise of rolling back Obamacare, are ready to start chipping away at the law. One of their first targets? Obamacare’s immoral funding scheme that prioritizes able-bodied adults over the truly needy.
Obamacare Values The Able-Bodied Over The Truly Needy
By Tevi Troy
The Affordable Care Act, otherwise known as ObamaCare, has had a tough run of it since being signed into law nearly five years ago. It has faced constitutional challenges, voters ousting congressional Democrats who supported it, and the disastrous rollout of its federal website in October 2013. This past fall, supporters launched a public-relations campaign dedicated to the proposition that things were finally going well for ObamaCare’s 7 million sign-ups, but their campaign was derailed when the Obama administration admitted that it had added 400,000 dental patients to the roster of health-insurance enrollees to falsely claim it had reached the 7 million number.
By Grace-Marie Turner
The Internal Revenue Service usurped its authority and overturned longstanding norms of federalism in ruling that health insurance subsidies could be available through federally-created exchanges, the Galen Institute and state legislators argued in an Amicus brief submitted Monday in the pending King v. Burwell lawsuit.
The U.S. Supreme Court will hear arguments in the case on March 4, and a decision is likely by June.
Late last night the House approved a $1.1 trillion spending measure that will keep the government funded. The measure passed 219-206, with 162 Republicans and 57 Democrats in favor. The so-called “CRomnibus” now moves onto the Senate where it is expected to pass today.
While a House panel was meeting to discuss eliminating the 1970s era ban on crude oil exports, a group of economists from American Council for Capital Formation urged the president to lift the ban. Even according to the government’s own research, “This reduction in oil prices, if they persist for one year, puts approximately $1.3 trillion in the hands of consumers worldwide.”
By Aliya Sternstein, A core Internal Revenue Service system for calculating Obamacare fees for health insurers and drug manufacturers has security weaknesses, according to an internal audit.
Under the Affordable Care Act, insurers must report their net premiums to the tax agency annually, and pharmaceutical companies must submit sales data from certain government programs.