Tags: Healthcare Reform | Obamacare | income | tax credits | obama administration

Obamacare Warns 360,000 They May Lose Tax Credits

Tuesday, 16 Sep 2014 10:05 AM

The Obama administration is warning 360,000 Obamacare consumers that if they do not show proof of income in the next two weeks they will lose their tax credits.

Republicans had feared that income verification would be a problem when the controversial healthcare coverage law went into effect last year, and now their concerns are about to be borne out, according to The Hill.

The administration is sending out final notices this week to individual Obamacare enrollees whose income claims do not match those on government records. If their incomes cannot be confirmed, they will lose their subsidies and their health insurance will soar.

Although 1.2 million have had letters from Obamacare officials over income disparities, around 800,000 of them have since sent in verification information.

The government is also seeking the proper paperwork for another 500,000 people who signed up for Obamacare subsidies over the past year.

The administration had previously alerted 966,000 individuals that they would lose their coverage unless they could prove their immigration status, The Hill reported.

Andy Slavitt, principal deputy administrator at the Centers for Medicare and Medicaid Services, said on Monday that 115,000 people will lose coverage this month if they do not send in paperwork proving their immigration or citizenship status.

He said that if individuals are cut off, they can regain their coverage during a special enrollment period if they can show proof of income and citizenship, The Hill said.

The administration will continue to call and mail notices to individuals who have not sent in their paperwork, some of whom have been contacted dozen times, Slavitt said that people with income verification issues alone will keep their coverage, although they may lose their subsidies.

"If people still pay their premiums and can demonstrate their eligibility, they'll continue to be enrolled," he added.

© 2017 Newsmax. All rights reserved.

 
1Like our page
2Share
US
The Obama administration is warning 360,000O Obamacare consumers that if they do not show proof of income in the next two weeks they will lose their tax credits.
Obamacare, income, tax credits, obama administration
301
2014-05-16
Tuesday, 16 Sep 2014 10:05 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved