Health Care President Obama Announces Health Care Rebates for 8.5 Million Americans Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Jul 18, 2013 - [Updated Jul 10, 2019] 1 min read Today, President Obama announced that more than 8.5 million Americans would be getting rebates from their insurance providers this summer due to one of the tax provisions of the health care reform law or “Obamacare”. The new health care law requires insurance companies to spend at least 80% of the revenue from premiums on medical care rather than administrative costs. Insurance providers who do not meet this standard are required to send rebates called Medical Loss Ratio Rebates to individual policyholders and employees with group health insurance policies. Do I Have to Apply for the Rebate? No, you will not have to fill out any applications for the rebate. Your insurance company will send you a check in the mail if they did not meet the required insurance standards. Will the Rebate Impact my Taxes? The majority of individuals that get a rebate won’t need to do anything different on their taxes. A small percentage of people may need to claim the rebate on their tax return. If you had high medical expenses last year (more than 7.5% of income in 2012) and deducted your insurance premiums on your 2012 taxes, you may need to claim your rebate on your tax return. Don’t worry! As with all tax laws, TurboTax is up to date with the latest health care tax law changes. You can always rely on TurboTax for answers to find out how health care reform impacts you, your finances, and your taxes. Previous Post Seven Things You Need to Know About Health Care Reform Next Post How Will Health Care Reform Affect Me [Infographic]? Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. 5 responses to “President Obama Announces Health Care Rebates for 8.5 Million Americans” This is not a good policy for america. The people say please get rid of this refrom law. DEFUND OBAMA CARE NOW. Reply I question whether 8.5 million Americans will be receiving a rebate on their medical insurance. Many workers don’t pay for their insurance and if their employer paid for the insurance, it is the employers who will be receiving the rebates which knocks the number 8.5 million downward quite a bit. Reply Iam deeply appreciative of The Obama Health Care Program!!! Reply Keep me posted. Thank you Reply This is an awesome site Reply Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?
This is not a good policy for america. The people say please get rid of this refrom law. DEFUND OBAMA CARE NOW. Reply
I question whether 8.5 million Americans will be receiving a rebate on their medical insurance. Many workers don’t pay for their insurance and if their employer paid for the insurance, it is the employers who will be receiving the rebates which knocks the number 8.5 million downward quite a bit. Reply