NEW UPDATE Benefiting Healthcare Reform AND Tax Returns!
Originally, the thought of everyone having access to healthcare sounded like a much needed change, but recently Americans have been outraged, especially during tax season. Previously, people were required to mark on their tax form if they did not have health coverage, which then caused their tax forms to be rejected and forcing a penalty payment.
Bottom line: The ACA was not affordable and people struggled with being financially penalized for something they already couldn’t afford.
On Tuesday February 14th, Humana announced that they would soon be dropping out of Obamacare. Trump even tweeted, “Obamacare continues to fail. Humana to pull out in 2018. Will repeal, replace & save healthcare for ALL Americans.” According to Bloomberg, Mark Bertolini, the CEO of Aetna Inc. also downplays Obamacare on February 15th: "It is in a death spiral.", which shares Paul Ryan's possible solution of eliminating the mandate to buy insurance and subsidies related to income, but instead providing tax credits to buy insurance.
As a response to the people, President Trump’s first executive order in January instructed changes to be made to the Affordable Care Act.
Now, the IRS is not requiring people to note if they have health coverage or not. The IRS stated to Reason, "Consistent with that, the IRS has decided to make changes that would continue to allow electronic and paper returns to be accepted for processing in instances where a taxpayer doesn't indicate their coverage status."
This is the first of many changes to come. What’s next?
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