Beginning January 1, 2014, the individual coverage mandate rules of the Patient Protection & Affordable Care Act (ACA) generally required most American citizens to maintain health coverage meeting the “minimum essential coverage” mandates of ACA or pay an “individual shared responsibility payment.” With the deadline for filing 2014 individual tax returns rapidly approaching, Americans now generally will be required to show their fulfillment of or exemption from this mandate or pay the “individual shared responsibility” payment that ACA imposes as a penalty for failing to meet its individual coverage mandates when filing their 2014 individual tax returns
U.S. health care spending grew 3.9 percent in 2010 to $2.6 trillion or $8,402 per person according to the Annual Report of National Health Expenditures (NHE). The Report notes that since 2007, the economic recession and legislative changes led to a noticeable change in the shares of health care spending financed by businesses, households, and governments. Declining enrollment in private insurance resulted in continuing growth in government financing of this care. The federal government financed 29 percent of the nation’s health care spending in 2010, an increase of six percentage points from its share in 2007 of 23 percent, and reached $742.7 billion. Part of that increase came from enhanced Federal matching funds for State Medicaid programs under the American Recovery & Reinvestment Act which expired in 2011. Review the details of the Report here.
A new study documents that job loss from a stale economy is key driver in increase in the uninsured.
U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, says the premium subsidy provisions of the Patient Protection & Affordable Care act (Affordable Care Act) does not authorize the Internal Revenue Service (IRS) to allow individuals purchasing coverage through a federal health insurance exchange to receive the tax credits and subsidies authorized under new Internal Revenue Code § 36B to offset the cost of being mandated to buy health insurance created under Affordable Care Act Section 1311.