ERIKSEN GROUP
phone
x x x
 

Blog

Archive for the ‘Requirements’ Category

How To Report to the IRS About Health Coverage Under Obamacare

Tuesday, January 13th, 2015

Small Business Trends reports:

“This year as you complete your federal income tax return, you’ll need to provide extra information, due to Obamacare.

The Affordable Care Act will require one of three things for the 2014 tax year:

  • If you had health coverage for the entire year in 2014, you will be prompted to check the appropriate box on your tax return.
  • If you were exempt or got assistance through a Marketplace, you will need to take additional steps. Those steps may include completing Form 8962 for claiming the Premium Tax Credit assistance. Or you may need to complete a different form to claim an exemption.
  • If you are not exempt and chose not to buy health coverage, you will have to pay an extra tax or fee.

(more…)

PPACA preventive services not so free

Wednesday, September 3rd, 2014

Benefits Pro reports:

“The U.S. Department of Health and Human Services (HHS) made the Patient Protection and Affordable Care Act (PPACA) basic preventive services package famous by putting a controversial mandate — for “free” birth control benefits — in the package.

Consumer groups say patients are having trouble using the other, less controversial benefits in the package, such as access to checkups, vaccinations and some cancer screenings.

(more…)

New Guidance on Information Reporting Requirements Under the Affordable Care Act

Wednesday, September 3rd, 2014

SBA.gov reports:

“Under the provisions of the Affordable Care Act, those employers that are subject to the Employer Shared Responsibility provisions must report certain information regarding the health coverage they offer their full-time employees (known as Section 6056 reporting).  The law also requires information reporting by insurers, self-insuring employers, and other parties like governmental entities that provide health coverage to individuals (Section 6055 reporting).  These reporting provisions take effect on January 1, 2015, and the first reports are due to the Internal Revenue Service in early 2016.

(more…)

Businesses re-evaluate spousal coverage

Tuesday, July 1st, 2014

Benefits Pro reports:

“When United Parcel Service (UPS) announced a major change in spousal insurance coverage, it was the shot heard ’round the benefits world.

“I have been talking about working spouses with access to their own health insurance for more than 10 years,” says Scott Snow, president of S.M. Snow & Associates Inc. in Berlin, Mass. “I was ahead of my time, and now it’s catching up with me. It’s a hot topic.”

(more…)

Looking For Summer Reading? Try Healthcare Reform Regulations

Friday, July 19th, 2013

Forbs reports:

“The federal government apparently was concerned that Americans would not find anything to read this summer, and kindly dropped hundreds of pages of regulations related to healthcare, just in time for the beach.

The Centers for Medicare and Medicaid Services (CMS), one of the Big Three Departments that spend our federal tax dollars (numero uno, at 22 percent, being the Social Security Administration; number two is CMS at 21 percent; and number three, the Defense Department, at 19 percent)  released a phone-book sized volume of  regulations the day after Independence Day. The new regulations define how Medicaid and Children’s Health Insurance Program (CHIP) will change as a result of the Patient Protection and Affordable Care Act.

(more…)

Feds: PPACA subsidy claims will be checked

Tuesday, July 16th, 2013

Benefits Pro reports:

“The federal government will check income claims by individuals applying for subsidies under Obamacare and remains on track to open the health insurance exchanges it will operate on Oct. 1, the main administrator of the exchanges said this week.

Writing in a Health and Human Services website blog, Marilyn Tavenner, administrator of the Centers for Medicare & Medicaid Services, said she was hoping to clear up “mischaracterizations” and “confusion” that arose in the wake of the employer mandate postponement and coverage about final regulations CMS released Friday on eligibility for the exchanges.

(more…)

FAQ: What Workers And Employers Need To Know About The Postponed Employer Mandate

Tuesday, July 16th, 2013

Kaiser Health News reports:

“Surprising both friends and foes of the health law, the Obama administration on Tuesday announced the delay of a key provision: the requirement that all but the smallest employers offer medical coverage or pay a fine.

Companies with at least 50 workers now have until 2015 to provide coverage if they don’t offer it already, giving them and Washington an extra year to work through the complex details of the legislation. The administration will deliver more guidance next week.

Meanwhile other parts of the law remain on track for implementation next year, according to officials. Here’s what the change means — and doesn’t mean — for workers and employers.

(more…)

Employer mandate in healthcare reform law delayed a year

Friday, July 12th, 2013

The Chicago Tribune reports:

“The Obama administration delayed a key provision of the president’s healthcare reform law by a year, saying today it will not require employers to provide health insurance for their workers until 2015.

The delay, which could raise new questions about whether Obamacare will be implemented on time, comes in response to widespread complaints from businesses and their lobbyists about reporting requirements for employers with 50 or more full-time workers.

(more…)

Final birth control rule issued for faith groups

Friday, July 12th, 2013

Benefits Pro reports:

“The Obama administration isn’t backing off its position that employers must include free contraceptive coverage in workers’ insurance plans as part of the nation’s health care reforms, though it did give chuches some wiggle room Friday.

Under pressure from religious groups, the administration issued final rules on the birth control mandate in the Patient Protection and Affordable Care Act that included a compromise allowing faith-based nonprofits and corporations to offer contraceptives through special third-party policies, without having to manage or pay for the services directly.

(more…)

Counting to 90: ACA and the waiting period

Monday, May 13th, 2013

Employee Benefit Adviser reports:

“Under the Affordable Care Act, once we decide who we have to offer coverage to, then we have to decide when they get the coverage. Generally the new rule is that a waiting period for coverage cannot exceed 90 days. More recently, the IRS has given us proposed rules on the 90 day waiting period. As with all proposed rules, they are not final until they are final, but these do give employers some additional guidance on how to maintain the correct waiting period.

(more…)

Newsletter Signup

Free Consultation
image_questions
Change Your Broker
 
x x x