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Hundreds of thousands are At risk of losing or having to pay back health insurance subsidies from Af Hundreds of thousands of Americans face a Tuesday deadline to verify their income and are at risk of losing or having to pay back their federal health-insurance subsidies under the Affordable Care Act. The need for people to pay back the government could become a headache during next year's tax season, when Americans are expected to pay back any subsidies they weren't eligible for. The Obama administration has told more than 300,000 individuals who obtained coverage through the federal HealthCare.gov site that they may lose some or all of the subsidies if they don't provide additional income information that jibes with Internal Revenue Service data. That information includes tax returns, wages and tax statements, pay stubs and letters from employers. Hundreds of thousands of people who obtained health coverage through state exchanges also have documentation issues and could potentially be getting subsidies they aren't eligible for. Enrollees whose income changed during the year but didn't update their information could also owe the government if they received larger tax credits than they were entitled to. The owed amounts could total thousands of dollars, health policy experts say. "Most people don't know they even got advance tax credits," said Mark Ciaramitaro, vice president, health-care services at tax preparer H&R Block Inc. "They are going to be surprised and need to know what just happened, and a lot of people will be frustrated." Source The Wall Street Journal |
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