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:
Average refunds are estimated to be:
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