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White House Reverses $10B in Cuts to ACA Cost-Sharing Subsidies
The White House has decided to reverse roughly $10 billion in cuts to the cost-sharing subsidies that were part of the Patient Protection and Affordable Care Act. That program was originally expected to be slashed by 7.3 % in fiscal 2015 and beyond as part of the sequester cuts.
The White House has decided to reverse roughly $10 billion in cuts to the cost-sharing subsidies that were part of the Patient Protection and Affordable Care Act. That program was originally expected to be slashed by 7.3 % in fiscal 2015 and beyond as part of the sequester cuts.
But in a report released this week by the Office of Management and Budget—and first flagged by the Committee for a Responsible Federal Budget—the Obama administration didn't include the cost-sharing subsidies among the programs that will be subject to the sequester cuts. That's a reversal from the previous year.
The cost-sharing subsidies get less attention than the tax credits, which are available to individuals making up to 400% of the federal poverty level to purchase plans through the state and federal exchanges. The subsidies are intended to help low-income individuals cover co-payments, deductibles and other out-of-pocket costs. They are available to individuals with incomes up to 250% of the federal poverty level who purchase plans that are designed to cover at least 70% of their medical costs.
Read the full story here: http://bit.ly/1gwvQcG
Source: Modern Healthcare
