Tag: internal revenue service

Health insurance penalties are becoming more expensive in 2015

S.Vagus
health insurance cost medical

Penalties for those without insurance coverage are set to rise next year Those without health insurance in the United States could face higher penalties in 2015. Next year will be the first time that U.S. citizens will be required to report whether or not they have insurance coverage to the Internal Revenue Service. Those without insurance coverage will face fines, while those with coverage will avoid these fines. The uninsured could qualify for some 30 exemptions to these penalties, but most people are completely unaware of these exemptions. 3% of…

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Health insurance subsidies hit a roadblock in the US

Logan B.
health insurance deadline enrollment

Some people may be receiving more subsidies than they are due U.S. consumers may be receiving more subsidies from the federal government than they are due to receive under the Affordable Care Act. The federal law offers financial assistance to those that fall within a certain range of poverty, as defined by the government. Subsidies are meant to offset the cost of health insurance policies, making them more affordable and more widely available to consumers throughout the country. Some people may be abusing the availability of these subsidies, however. Some…

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Health insurance subsidies are in jeopardy in the US

S.Vagus
Health Insurance Expense

Federal appeals court rules that subsidies are illegal Health care is still a problematic issue in the U.S. Earlier this week, the D.C. Circuit Court of Appeals ruled that the Affordable Care Act does not grant the Internal Revenue Service the authority to distribute subsidies through state-based insurance exchanges. This ruling implies that the subsidies provided to those receiving coverage through these exchanges are illegal. Merely hours after the court had issued its ruling, the Fourth Circuit Court of Appeals ruled that these subsidies were actually legal. Contradictory rulings place…

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Health insurance mandate penalty may be vastly misunderstood

S.Vagus
health insurance confusion

Federal law places a penalty on those without health insurance coverage The health insurance mandate of the U.S. Affordable Care Act has become one of the more controversial aspects of the federal law. According to the law, all U.S. citizens must have active health insurance coverage beginning on January 1, 2014. Failure to comply with the mandate could mean facing a tax penalty issued by the Internal Revenue Service (IRS). These penalties will not actually be issued until March 31, 2014, when the open enrollment period for health insurance exchanges…

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