Reply #10: Subsidy will be administered thru insurance company, with any difference reconciled thru tax return

[flpoljunkie]

How health care overhaul affects taxpayers

Here's how the health care overhaul would affect
taxpayers, according to The Tax Institute at H&R
Block:

Taxpayers without qualifying health care coverage:

• Beginning in 2014, taxpayers who are required to
obtain or maintain qualifying health care coverage
will face a penalty if they do not comply. The penalty
increases from $95 in 2014 to $695 in 2016. They
must file a return substantiating required coverage
beginning in 2014.

• Certain individuals may qualify for a subsidy to
help cover the cost of insurance. This subsidy will
be administered through the insurance company,
with any difference being reconciled through the
individual tax return.

Based on the 2009 poverty level data currently in
effect, a family of four with household income less
than $88,200 would qualify for such a subsidy.

http://www.usatoday.com/money/smallbusiness/2010-03-23-health-care-taxpayers_N.htm