Your ♡bamaCare!!! Fail of the Day

Pete Kasperowicz reports for The Blaze that over 300,000 people received excess ♡bamaCare!!! subsidies last year:

When all the overpayments are added up, it comes to $305.2 million, the report said. That’s an average of about $840 per person in excess subsidies.

As of February, about half of that $305.2 million had been repaid, and half had not, the report added.

It’s been known for more about a year that officials implementing Obamacare were having problems with the premium tax credit that will help millions of people afford to buy health insurance under the law. Since early 2014, Rep. Diane Black (R-Tenn.) and others have said the administration needs to do more to verify the eligibility of people taking these subsidies, to ensure there are not huge overpayments.

Under Obamacare, people can qualify for tax subsidies if they earn anywhere from the federal poverty level and four times that amount. The less people make, the more subsidy they receive.

But because the subsidy is given out in advance, it can lead to complications when people file their taxes. If their income rose during the year, for example, they could be in a position of having received too much of a subsidy, and they may have to pay some of it back.

The IG report said only about 90,000 of the returns claiming an Obamacare tax credit received the amount of subsidy they should have received, or about 12 percent.

I’m so old I remember when one of ♡bamaCare!!!’s big selling points was that it was going to eliminate waste and fraud.

But here’s where it gets really wasteful and perhaps fraudulent:

The IG report said only about 90,000 of the returns claiming an Obamacare tax credit received the amount of subsidy they should have received, or about 12 percent.

12 percent? Are you freakin’ kidding me? ♡bamaCare!!! has a 12% accuracy rate? It gets the subsidies wrong 88% of the time?

The fun part is that ♡bamaCare!!! can’t get it right when relatively few people are buying through the exchanges. That’s set to change — and in a big way — in 2018, when the Cadillac Tax kicks in, and it will behoove businesses to kick people off of employer-based insurance by the millions.

And remember, all of this extra paperwork is handled by you — and by the happy smiling angels of the Internal Revenue Service.