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Affordable Care Act

ACA Tax Credit Means IRS Form 8962!

If you received a tax credit or subsidy under the Affordable Care Act on your individual health policy we want to remind you that you were required to file IRS Form 8962 with your 2014 Federal Income Taxes.  The Advanced Premium Tax Credit (APTC) or income-based cost sharing reduction (CSR) transfers a portion of the monthly premium for some individual health insurance policies from the policy owner to the Federal government as part of the Affordable Care Act which is known to some as Obamacare.

We strongly encourage you to reach out to your tax professional if you believe that you received APTC or CSR cost reductions to confirm that they properly filed your IRS Form 8962.

Note:

  • If your Form 8962 was properly filed with your 2014 income taxes then you don’t need to do anything.
  • If you have not filed your taxes with Form 8962 then take action immediately (i.e., electronically file your 2014 return and Form 8962).

If you have questions on this requirement you can call your tax professional or contact the IRS directly at www.irs.gov/aca or 1.800.829.0922.

The Affordable Care Act Isn’t

Expect health insurance premiums to go up 40-80% in the next two years according to some local insurance company executives.  While the Affordable Care Act (ACA) will allow every American to buy individual health insurance without proving insurability (this has long been in effect for most group policies sold to employers) there is a cost associated with the ‘take all applicants’  approach and that’s higher costs for all.

Additionally, we expect many small employers to eliminate their group health plans entirely in the coming years as they will now be taxed on each dollar they spend for health insurance premiums, many will no longer see it as a moral obligation once chronically ill employees can purchase guaranteed issue individual health insurance policies and once the Federal Government has set up its planned premium subsidy system for lower and middle income individuals.

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