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Posts Tagged ‘Individual Shared Responsibility’
Tuesday, January 26th, 2016
According to United Healthcare, Broker Connection Special Edition:
“On Dec. 28, 2015, the IRS announced that it is granting an automatic extension for the 2015 information returns required of insurers, employers and certain other providers of Minimum Essential Coverage (MEC) under Section 6055 and 6056 of the Internal Revenue Code (IRC).
Coverage providers that need more time now have until March 31 to get Form 1095 to individuals and until June 30 to electronically file with the IRS. For providers not filing electronically, the deadline is May 31, 2016. (more…)
Tags: 2015, 2016, ACA, ACA requirements, affordable care, Affordable Care Act, affordable health insurance, Albany Park, Andersonville, barack obama, Barrington, Bartlett, Broker, Bucktown, buffalo grove, buy health insurance, buying insurance, care reform legislation, Carol Stream, Carpentersville, Cary, Changeing Health Care, Chicago, Chicagoland, Contact Us, Cook, Cook County, Costs, Deerfield, DeKalb, DeKalb County, Dundee, DuPage, DuPage County, East Dundee, Elgin, Employers, enroll, enrollment, Fox Valley, Geneva, Glendale Heights, Government, government regulations, health, health care benefits, health care costs, health care law, health care reform, health care system, health exemption, health insurance costs, health insurance coverage, Health insurance exchange, health insurance marketplace, health insurance premiums, health insurance reform, Health Marketplace, health plan, health programs, health reform, healthcare reform, healthcare.gov, Hinsdale, Huntley, IL, Illinois, Illinois Department of Insurance, Illinois health insurance exchange, individual, individual health insurance, individual insurance, Individual Mandate, Individual Shared Responsibility, Individuals, insurance, Insurance benefit consultant, insurance broker, insurance industry, insurance news, insurance plan, Insurance Reform, IRS, Johnsburg, Kane, Kane County, Kendall, Kendall County, Key Findings ACA, Lake, Lake County, Lake in the Hills, Lakewood, Logan Square, Long Grove, McHenery, McHenry, McHenry County, Minimum Essential Coverage, Mount Prospect, Naperville, Navigator, new health care, New health insurance law ACA, North Aurora, North West Suburbs, Northern Illinois, Northwest Suburbs, Obama care, ObamaCare, Obamacare regulation, open enrollment, Palatine, Penalty, PPO, pre existing conditions, Richmond, Riverwoods, Rolling Meadows, Saint Charles, Schaumburg, self-insurance, single payer health care system, South Barrington, special enrollment, Streamwood, Sugar Grove, Tax, taxpayer dollars, the affordable care act, timeline, UHC, United Health Care, United Healthcare, UnitedHealthcare, Villa Park, Warrenville, Wasco, Wayne, West Chicago, Wheaton, Wicker Park, Will, Will County, Wood Dale, Woodstock
Posted in Individual Health Insurance, Open Enrollment | Comments Off on IRS Grants Extension for 6055 and 6056 Reporting
Tuesday, January 26th, 2016
According to Bloomberg Business:
“Humana Inc. is the latest insurer to run into trouble in Obamacare’s individual health-insurance markets.
The health insurer said that it probably won’t collect enough money to cover costs for some customers who bought individual plans, and will set aside what’s known as a premium deficiency reserve. The shortfall is for 2016 plans that comply with new rules under the Affordable Care Act, Louisville, Kentucky-based Humana said Friday.
UnitedHealth Group Inc., the biggest U.S. health insurer, said in November that it might stop participating in the Obamacare next year after taking losses. One analyst predicted that Humana would follow suit.
(more…)
Tags: 2015, 2016, ACA, ACA requirements, Advocate Heath Care, affordable care, Affordable Care Act, affordable health insurance, Albany Park, Algonquin, Andersonville, Arlington Heights, Atena, aurora, barack obama, Barrington Hills, Bartlett, Batavia, BCBS, BCBSIL, Bucktown, budget cuts, buffalo grove, Bull Valley, buy health insurance, buying insurance, California healthline, cancer coverage, care reform legislation, Carol Stream, Carpentersville, Changeing Health Care, Chicago, Chicagoland, Cicero, College Grads, commerce clause of the constitution, Commonwealth Care Health Insurance, Cook, Cook County, Costs, coverage plan, Crystal Lake, Deerfield, DeKalb, DeKalb County, Des Plaines, Downers Grove, Dundee, DuPage, DuPage County, Elburn, enroll, enrollment, Fox River Grove, Fox Valley, Geneva, Gilberts, Glen Ellyn, government regulations, Hampshire, Harwood Heights, health, health care benefits, health care costs, health care law, health care reform, health care system, health exemption, health insurance, health insurance costs, health insurance coverage, Health insurance exchange, health insurance marketplace, health insurance premiums, health insurance reform, Health Marketplace, health plan, health programs, health reform, health savings account, healthcare reform, healthcare.gov, Herbron, Highland Park, Humana, Huntley, IL, Illinois, Illinois health insurance exchange, individual, individual health insurance, individual insurance, Individual Mandate, Individual Shared Responsibility, Individuals, Insurance benefit consultant, insurance broker, insurance industry, insurance news, insurance plan, Insurance Reform, Itasca, Kane, Kane County, Kendall, Kendall County, Lake County, Lake in the Hills, Lake View, Lakewood, Lincoln Park, Maple Park, Marengo, Marketplace, McCullen Lake, McHenery, McHenry, McHenry County, Naperville, new health care, New health insurance law ACA, Niles, North Aurora, North Barrington, North West Suburbs, Northwest Suburbs, Obama care, ObamaCare, Obamacare regulation, open enrollment, Palatine, Park Ridge, Producer, Riverwoods, Rolling Meadows, Schaumburg, self-insurance, single payer health care system, South Barrington, special enrollment, state health insurance, Streamwood, Sugar Grove, the affordable care act, Tower Lakes, Village of Lakewood, Warrenville, Wasco, West Chicago, Wicker Park, Wood Dale, young adults
Posted in Affordable Care Act, Health Insurance News, Individual Health Insurance | Comments Off on Humana to Record 2016 Obamacare Shortfall, Membership Drops
Friday, October 3rd, 2014
Health Insurance Exchange reports:
“The Internal Revenue Service has issued new draft instructions, notices and a publication to help taxpayers and tax practitioners deal with the Affordable Care Act.
The draft instructions were released last week for Form 8962, “Premium Tax Credit,” and Form 8965, “Health Coverage Exemptions.” The IRS had previously released draft versions of the forms themselves, both 8962 and8965, along with draft instructions for several other draft forms for the Affordable Care Act (see IRS Gears up for Impact of Health Care Reform on Tax Season).
(more…)
Tags: health insurance coverage, healthcare.gov, Individual Mandate, Individual Shared Responsibility, IRS, Marketplace, Richmond, Ringwood, River Grove, Riverwoods, Rolling Meadows, Roselle, the affordable care act
Posted in Insurance Reform | Comments Off on IRS Issues New Instructions for Obamacare
Friday, October 3rd, 2014
Accounting Today reports:
“Internal Revenue Service commissioner John Koskinen told a congressional subcommittee about the IRS’s progress on the Affordable Care Act and the impact that tax subsidies will have next tax season.
In a hearing before the House Ways and Means Health Subcommittee on Wednesday, Koskinen talked about how the IRS would be processing the premium tax credit, which helps subsidize the cost of health insurance coverage for eligible taxpayers.
(more…)
Tags: ACA, Affordable Care Act, individual, Individual Shared Responsibility, Individuals, insurance, IRS, Marketplace, subsidies, Tax, Wheeling, Will County, Wilmette, Winfield, Wood Dale, Woodridge, Woodstock
Posted in Insurance Reform | Comments Off on IRS Gears up for Impact of Health Care Reform on Tax Season
Tuesday, September 3rd, 2013
The IRS reports:
“Basic Information
1. What is the individual shared responsibility provision?
Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals are given shared responsibility to reform and improve the availability, quality and affordability of health insurance coverage in the United States. Starting in 2014, the individual shared responsibility provision calls for each individual to have minimum essential health coverage (known as minimum essential coverage) for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return.
(more…)
Tags: Affordable Care Act, exchange, family plan, group health plan, health insurance coverage, health insurance marketplace, Individual Shared Responsibility, IRS, Minimum Essential Coverage, premiums, Richmond, Ringwood, River Grove, Riverwoods, Rolling Meadows, Roselle
Posted in Insurance Reform | Comments Off on Questions and Answers on the Individual Shared Responsibility Provision
Tuesday, September 3rd, 2013
US Small Business Administration reports:
“Under the Affordable Care Act, the government, insurers, employers, and individuals share in the responsibility to improve the availability, quality, and affordability of health insurance coverage. The individual shared responsibility provision is a key part of helping to deliver the law’s consumer protections at an affordable cost. It makes these protections possible by ensuring that individuals do not just wait to purchase insurance when they are sick and drop coverage when they are well, which drives up premiums for everyone.
(more…)
Tags: health insurance marketplace, Individual Shared Responsibility, IRS, Marketplace, Medicaid, premiums, Self Employed, Sycamore, Tower Lakes, Trout Valley, Villa Park, Village of Lakewood, Virgil
Posted in Insurance Reform | Comments Off on Self Employed? What You Need to Know About Individual Shared Responsibility Starting in January 2014
Tuesday, March 5th, 2013
By now it is not news that starting 2014 every American is expected to have Health Insurance or pay a penalty, called the individual shared responsibility penalty.
Lets go through the What? Who? Where? When? How? And Why?
(more…)
Tags: buy health insurance, Cary, Chicago, Chicagoland, Cicero, Fox Valley, Glencoe, health insurance coverage, Individual Shared Responsibility, insurance broker, insurance plan, Lombard, North West Suburbs, Northern Illinois, Northwest Suburbs, Penalty, Trout Valley, Warrenville
Posted in Insurance Reform | Comments Off on The individual tax penalty
Friday, February 15th, 2013
IRS.gov reports:
“Basic Information
1. What is the individual shared responsibility provision?
Under the Affordable Care Act, the federal government, state governments, insurers, employers, and individuals are given shared responsibility to reform and improve the availability, quality, and affordability of health insurance coverage in the United States. Starting in 2014, the individual shared responsibility provision calls for each individual to have minimum essential health coverage (known as minimum essentia Starting in 2014, the individual shared responsibility provision calls for each individual to have minimum l coverage) for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return.
(more…)
Tags: Affordable Care Act, Chicago, Chicagoland, Elgin, Fox Valley, Health and Human Services, health insurance coverage, Individual Shared Responsibility, IRS, Minimum Essential Coverage, North West Suburbs, Northern Illinois, Northwest Suburbs, Rolling Meadows, Roselle, Saint Charles, Scams, Schaumburg, Schiller Park
Posted in Uncategorized | Comments Off on Questions and Answers on the Individual Shared Responsibility Provision
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