Between 500,000 and 1 million low-income workers may be getting Obamacare subsidies that they aren’t eligible for.
They could be faced with the prospect of having to re
an average of $5,000 for plans for individuals and $12,000 for families,
according to business and health insurance groups.
The groups hope that the lame-duck Congress that will come back into session after the Nov. 8 elections will pass legislation that could help prevent employees from incorrectly claiming the Affordable Care Act subsidies.
The problem is that many employees may think they’re eligible for the advance premium tax credits because they believe the coverage their employers are offering them isn’t “affordable.” But the coverage being offered may fit the ACA’s definition of affordable coverage.
The legislation would “help reduce confusion surrounding the Affordable Care Act’s (ACA) Exchange tax credit eligibility, and provide businesses and insurance carriers with regulatory relief under the law’s reporting requirements,” according to a letter sent to congressional leaders by the ACA Reporting Task Force.
The legislation would streamline the employer reporting process and strengthen the eligibility verification process for ACA premium tax credits and cost-sharing subsidies.
Read the full story at http://www.bna.com/employer-groups-hope-n57982079161/.
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