Health Care Subsidy, Residency Deadline Looms Today | WWC

Today is the final deadline (following an original Sept. 5 deadline) for income and citizenship verification for hundreds of thousands of people who signed up for insurance on HealthCare.gov, but whose income statements didn't jibe with IRS records or who failed to provide proper residency/citizenship verification. The Obama administration says about 300,000 people are affected by the income requirement and another 115,000 by the residency requirement. Those who understated their income and received subsidies might lose all or part of their subsidies, or worse, have to repay some or all of the funds dispersed to help pay their insurance premiums. "Generally, individuals who enroll through the marketplace and receive advance premium tax credits will file federal income-tax returns and, at tax time, advance payments of the premium tax credit will be reconciled," according to a statement from the Treasury Department quoted in today's Wall Street Journal. Those who can't verify their citizenship status stand to lose their policies. For the full story on how the Affordable Care Act (ACA, or Obamacare) affects your business, no matter how large or small, please obtain a copy of our comprehensive and easy-to-follow Affordable Care Act Compliance Kit.