Obamacare News Blog

Healthcare Exchange and the IRS: What You Need to Know

The only way for the new Healthcare Exchange to verify if you are paying for your health insurance is for the IRS to have access to your health records. This is also how the government determines if you are eligible for federal premium subsidies and/or cost-sharing subsidies. This has many people concerned as to what this means for them. We have compiled the most important information in regards to what the IRS will require from individuals and small businesses.

As the federal government and states work out the details of the new Exchange, this is the most current information available, we will update with any changes.

Healthcare Exchange and the IRS

What Will Be Required at Tax Time?

  • Your name and health insurance ID
  • Name and tax ID of insurance company
  • How many months of the past year you have been insured
  • Whether you are have one of the new “metal” plans: Bronze, Silver, Gold, and Platinum
  • Will the IRS Share My Information?

    If you have an Exchange plan the IRS will share your information with other agencies, state exchanges, and possibly other insurance providers.

    Will Small Businesses Have to Show How Much They Cover?

    Yes. The IRS is now requiring employers to report the cost of the healthcare coverage offered through an employer-sponsored group health plan on an employee’s Form W-2. Click here to learn if your small business is required to offer Healthcare Exchange plans.

    How Much Will the IRS Need to Implement the Healthcare Exchange?

    They are requesting $13.1 Bil on top of the $1 Bil they have already received.

    Conclusion:
    For any further questions about the IRS and the Healthcare Exchange call 800-930-7956 or Contact Medicoverage.



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