Obama giveth and Obama taketh and it’s always someone else’s money.
Are you one of the one million people (more or less) receiving the wrong Obamacare subsidies?
Maybe I should re-phrase that. Are you receiving an Obamacare subsidy? If so, you’ll want to read this.
Obamacare offers subsidies to help pay for health insurance – if you are buying insurance through the federal exchange and your income qualifies. But now the word is out that at least 1 million people are probably getting the wrong subsidy amounts.
The Washington Post has inside sources providing all sorts of juicy details on this problem – but it didn’t take an investigative reporter to predict this was going to happen.
Heritage expert Alyene Senger warned that Obamacare’s subsidies are tied to income – and if your income changes at any point during the year, your subsidy is supposed to change, too. She explained in January:
if a person’s income fluctuates, which happens more frequently than many realize, the subsidy amount will change from month to month. Thus, when it comes time to file taxes in April, the amount of subsidy received over the past year must be reconciled with the final calculation of the total subsidy for which the individual was eligible—based on actual income for the entire tax year.
So if you qualify for more subsidy help than you receive during the year, you’ll get a tax refund. But if you were given more subsidy than your income qualifies you for, you will be required to repay the excess subsidy….
While the Washington Post reports that the government has been unable to fix the problem, I suspect that it has much to do with the unwillingness of the Obama administration to rectify what is being passed off as a malfunction.