What to do if you lose your tax subsidies from the Health Insurance Marketplace

Jul 14, 2015, 12:30 ET from HealthCareForYouNow.com

DELRAY BEACH, Fla., July 14, 2015 /PRNewswire-USNewswire/ -- CMS announced Special Enrollment for anyone that may have lost their tax subsidies. "We seen a large of number of individual losing there tax credit despite sending the required documents needed for their subsidies," said Jim Jalil CEO of HealthCareForYouNow.Com D.B.A Access Medical. "We first noticed around May this year when our members completed their taxes for 2014. Most that have changed their income or adjusted the subsidies notice that the subsidies were remove despite sending all the required documentation."

The problem:
Lack of communication with the Insurance Carries and the Marketplace. When consumers adjusted their income or subsidy amount, it resulted a number of Insurers losing their subsidies.

The solution
In order to regain the lost tax credit you will need your 2015 Application ID Number from the Marketplace as well as your updated projected income for 2015 to reissue a tax credit for the remainder of the 2015 calendar year.

You're likely entitled to a "grace period."
Most people who purchased insurance plans on state and federal marketplaces qualified for tax credits, making their insurance more affordable. If you received a premium tax credit to reduce your monthly premiums, you're in luck: The Affordable Care Act instituted a 90-day grace period for these subsidized plans.

For the first 30 days after your missed payment, your insurance company must pay your claims. For days 31-90 of the grace period, they don't have to pay the claims but will hold them rather than flat-out denying them.

During the entire 90-day grace period, you are afforded the opportunity to get caught up and have your insurance pick back up once you are current on your premiums. Any claims held during this time will be processed once you're caught up. If you're unable to get caught up during this time, your policy will be canceled and any claims submitted after the initial 30 days will be your responsibility entirely.

Need More Help?
HealthCareForYouNow.Com helps individuals with choosing options, understanding tax credits, and using hardship credits to avoid paying penalties. With 24/7 accessibility an individual can get customized help by visiting the website at www.healthcareforyounow.com as well as calling account executives at 855-495-6510.

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SOURCE HealthCareForYouNow.com