Annual is 12 times monthly

If I were to tell you that a persons monthly income was $1,000.00, I’m sure most of you could determine that the annual income for that person is $12,000.00 without the use of a calculator or computer.  It appears computers in Washington State aren’t quite as good as math as you are.

About 8,000 Washington residents will soon receive letters informing them that the price they are expecting to pay for health insurance purchased on the new online exchange marketplace is incorrect.

The letters are part of an effort by the Washington Health Benefit Exchange, which operates the exchange, called Healthplanfinder, to correct a major error that resulted in the miscalculation of tax credits that help qualified enrollees pay for insurance premiums.

The miscalculation of the federal tax credit affected those who enrolled in an exchange health plan during the first few weeks after the exchange’s Oct. 1 launch.

For those few weeks, Healthplanfinder was submitting applicants’ monthly income to the federal hub, which compiles data from federal and state agencies to determine whether an applicant is eligible for Medicaid or for a premium subsidy to purchase a health plan through the exchange.

But the federal hub was expecting annual income, not monthly, which resulted in the miscalculation.

Approximately 8,000 Washington residents were affected, which meant they were told they qualified for a higher tax credit amount than they actually qualified for based on their income and household size.  They’re soon to learn that they will be paying a lot more for health insurance than they thought and for most, if not all, of the enrollees it means they will have to go back to the market place to purchase more affordable, and likely less, coverage.

The scary part is, Healthplanfinder was thought to be one of the best on-line enrollment portals in the country.  If Healthplanfinder is the best how big are the problems with the other 25 portals in use across the country.

About Craig Thompson

I am a young professional with two great sons, and I work in the healthcare setting. I am employed in hospital administration and serve as Chief Operating Officer at Golden Valley Memorial Healthcare in Clinton, Missouri. These are challenging and exciting times in healthcare and my blog will focus on healthcare, raising boys or being raised by boys, and living in mid America.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s