Uncategorized

OOPS! BUT IT’S ONLY 800,000

Today, the Centers for Medicare and Medicaid Services (“CMS”) announced that approximately 800,000 taxpayers who received health care coverage through the Healthcare.gov were sent wrong information on their Forms 1095-A.  The “second lowest cost Silver plan” benchmark amount is wrong.  The CMS urges people receiving 1095-A to wait until the first week of March to file their returns.  If you received an erroneous Form 1095-A, you should get a corrected replacement by then.

Then, in its blog on its website, the CMS goes on to explain why this is no big deal:

  1. It’s only 800,000 wrong forms.
  2. Only 10% of tax filers with Marketplace coverage in 2014 are affected.
  3. Only 20% of the tax filers with Marketplace coverage in 2014 and who used tax credits to lower their premium cost were affected.
  4. Only 50,000 tax filers (less than 0.05% of total tax filers) have filed their returns at blog time.
  5. Less than 1% of total tax filers are affected.
  6. You can go on the Healthcare.gov website and see if your 1095-A is one of the wrong ones.
  7. The CMS will call everybody and make them feel better.

Makes you feel all warm and cuddly, doesn’t it?

VKM

 

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