Tuesday, May 6, 2014

It’s Official: The IRS Will Raid Your Tax Data Through Obamacare

The Internal Revenue Service this week will publish a final rule requiring Obamacare health insurance exchanges to hand over key personal data to the IRS, which will use the information to implement the tax aspects of the controversial health care law. - Pete Kasperowicz/The Blaze

Information to be handed over from Obamacare exchanges includes names, addresses, taxpayer identification numbers, insurance premium amounts, the name of the insurance issuer, and the insurance plan policy number issued by the exchanges.

The IRS says this data is needed to assess whether people are eligible for a health insurance tax credit. “This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes,” according to the IRS.

The rule is being published amid ongoing concerns about data security, and after the troubled launch of the healthcare.gov website that exposed many technical glitches. Those issues have some worried that the personal data people give to the exchanges will be at risk.