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Half would owe IRS for ACA subsidies at tax filing
Half of all consumers who received advance tax credit subsidies for health insurance in 2014 would have to pay back a portion of them to the Internal Revenue Service (IRS), according to a new analysis by the Kaiser Family Foundation.
Half of all consumers who received advance tax credit subsidies for health insurance in 2014 would have to pay back a portion of them to the Internal Revenue Service (IRS), according to a new analysis by the Kaiser Family Foundation (KFF).
Another 45% would be due a refund due to eligibility for a higher subsidy amount than actually claimed.
The analysis is a simulation based on several data subsets including KFF’s Current Population Survey model.
Under the Affordable Care Act (ACA), tax-premium subsidies are available to low and middle-income consumers to offset the cost of buying mandated healthcare. Subsidies are applied on a sliding scale based on income and can be claimed at the time of enrollment, subject to reconciliation with the IRS at tax filing.
Reasons for owing a repayment for subsidies or being entitled to a larger subsidy amount, and thus a refund, include a change in income and change in family size. KFF only considered the income changes in the simulation.
According to results, average repayments are estimated to be:
- $667 for those with incomes less than 200% of the federal poverty level (FPL)
- $886 for those with incomes between 200% and 300% of the FPL; and
- $1,380 for those with incomes between 300% and 400% of FPL.
Average refunds are estimated to be:
- $412 for those with incomes less than 200% of the FPL;
- $1,016 for those with incomes between 200% and 300% of the FPL; and
- $1,601 for those with incomes between 300% and 400% of FPL.
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In this episode of the "Meet the Board" podcast series, Briana Contreras, Managed Healthcare Executive editor, speaks with Ateev Mehrotra, a member of the MHE editorial advisory board and a professor of healthcare policy and medicine at Harvard Medical School. Mehtrotra is also a hospitalist at the Beth Israel Deaconess Medical Center in Boston. In the discussion, Contreras gets to know Mehrotra more on a personal level and picks his brain on some of his research interests including telehealth, alternative payment models and price transparency.
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