New ACA Sign-Up Period Offered To Resolve Tax Problems.
While Jan. 31 was the deadline for most people to enroll in 2016 ACA coverage, the Administration is setting up a new sign-up period “for people who failed to file 2014 tax returns,” The Hill reports. The new period “will provide another chance until March 31, for certain people who might have missed out on coverage because of confusion about new ObamaCare requirements regarding taxes and health insurance.” People who received ACA tax credits in 2014 were required to file a return “to make sure they received the right amount of credit,” and if they failed to file, “they became ineligible for further tax credits starting in 2016.” While it is “unclear exactly how many people are eligible for the new sign-up period,” CMS “said it ‘believes there are only a relatively small number of consumers who will qualify.’”
ObamaCare gets extra sign-up period to clear tax issues
By Peter Sullivan – 02/08/16 04:02 PM EST | THE HILL
The Obama administration is setting up a new ObamaCare sign-up period for people who failed to file 2014 tax returns.
Jan. 31 was the deadline for most people to sign up, but this new period will provide another chance until March 31, for certain people who might have missed out on coverage because of confusion about new ObamaCare requirements regarding taxes and health insurance.
People who received tax credits under ObamaCare to help them afford insurance in 2014 were required to file a 2014 tax return in order to make sure they received the right amount of credit. If people failed to file a tax return, they became ineligible for further tax credits starting in 2016.
Without the tax credits, many people would find coverage unaffordable, and would be likely to forgo coverage altogether.
This new period gives them a chance to sign up, with tax credits, if they go back and file their return for 2014.
It is unclear exactly how many people are eligible for the new sign-up period. The Centers for Medicare and Medicaid Services (CMS) said it “believes there are only a relatively small number of consumers who will qualify.”
The administration said last month that about 43,000 applicants had lost their tax credits and were now bearing the full cost of their insurance plans, as of Jan. 1, because they failed to file a 2014 tax return.
