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Posts Tagged ‘Minimum Essential Coverage’
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
Thursday, June 25th, 2015
National Law Review reports:
“Despite guidance from the Internal Revenue Service (“IRS”), the Department of Labor (“DOL”) and the Department of Health and Human Services (“HHS”) indicating the prohibition of the practice under the Affordable Care Act (“ACA”), some employers continue to reimburse employees for health insurance premiums. This practice could lead to thousands of dollars in penalties.
Notice 2015-17 is the IRS’ most recent guidance on such arrangements, reaching the same conclusions. It also, however, provides welcome penalty relief for certain employers.
(more…)
Tags: accident, affordable care, Affordable Care Act, Aflac, Alden, Algonquin, application, Health and Human Services, individual health insurance, Minimum Essential Coverage, requirements, the affordable care act
Posted in Health Insurance Cost, Insurance Reform | Comments Off on Employer Paid Individual Health Insurance Policies Create the Potential for Significant Penalties, but Limited Relief is Available
Friday, February 27th, 2015
Generally, under Employer Shared Responsibility (ESR), applicable large employers (generally, employers with 50 or more full-time employees, including full-time equivalents) face a potential
penalty if they don’t offer minimum essential coverage to full-time employees and their child dependents that has both minimum value (company is paying at least 60 percent of covered health care expenses for a typical population) and is affordable (full-time employees cannot pay more than 9.5 percent of their income for the lowest-cost, self-only coverage). Employers with fewer than 50 full-time employees are not subject to ACA’s ESR provisions. For 2015, employers with between 50 and 99 full-time employees are exempt from the ESR penalty if the employer provides an appropriate certification and meets certain conditions.
In 2015, employers subject to the mandate must offer coverage to 70 percent of their full-time employees and child dependents or risk penalties for failure to offer coverage to all full-time employees and child dependents. To avoid a penalty in 2016, employers subject to ACA’s ESR provisions must offer coverage to 95 percent of their full-time employees and child dependents.
Tags: ACA, Carol Stream, Carpend, Carpentersville, Cary, Chicago, Chicagoland, Cicero, Cook, Cook County, cortland, Crystal Lake, Darien, employees, Employers, Minimum Essential Coverage, Penalty
Posted in Affordable Care Act, Small Business | Comments Off on Employer Shared Responsibility
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…)
Tags: Government, Marketplace, Maywood, McCullen Lake, McCullom Lake, McHenery, McHenry, McHenry County, Medicaid, Minimum Essential Coverage, Mooseheart, ObamaCare, Penalty, requirements, Tax
Posted in Health Insurance News, Insurance Reform, Requirements | Comments Off on How To Report to the IRS About Health Coverage Under Obamacare
Monday, November 3rd, 2014
JD Supra reports:
“Starting in 2016, Section 6055 of the Internal Revenue Code, which was added by the Health Care Reform Act, requires all entities providing “minimum essential coverage” (MEC) to submit information to the IRS concerning each covered individual, with respect to the 2015 calendar year. Section 6055 also requires these entities to provide statements containing similar information to certain covered individuals. Employers should start gearing up now for this reporting because the 2016 reporting is based on 2015 data.
MEC is broadly defined to include any group health plan or group health insurance that is not an excepted benefit (e.g., stand-alone dental or vision plans). Reporting is not required for health reimbursement arrangements, health savings accounts, wellness programs and other supplemental or additional benefits.
(more…)
Tags: Employers, group health plans, health care reform, health plan, health savings account, individual, Minimum Essential Coverage, requirements
Posted in Insurance Reform | Comments Off on Section 6055 Reporting of Health Plan “Minimum Essential Coverage” for Small and Large Employers
Friday, October 3rd, 2014
The National Law Review reports:
“There are two types of employer shared responsibility payments, also known as pay or play penalties, under the Affordable Care Act (ACA). The first penalty under Internal Revenue Code (Code) Section 4980H(a) is the penalty for failure to offer health coverage. Effective for plan years beginning on or after January 1, 2015, a $2,000 annual penalty applies to a large employer that fails to offer at least 70 percent of its full-time employees (FTEs) health coverage. For plan years beginning on or after January 1, 2016, the $2,000 penalty applies to an employer that fails to offer health coverage to at least 95 percent of its FTEs. The $2,000 penalty is assessed on a monthly basis, but applies to all of an employer’s FTEs, minus 30 FTEs (or minus 80 FTEs for 2015).
(more…)
Tags: Affordable Care Act, health insurance, insurance, Minimum Essential Coverage, requirements, Warrenville, Wasco, Wayne, West Chicago, West Dundee, Westchester, Wheaton, Wheeling
Posted in Health Insurance Cost | Comments Off on Employer Shared Responsibility Payments and Reporting Requirements Under the Affordable Care Act: Code Sections 6055 and 6056
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…)
Tags: affordable care, Affordable Care Act, Fox River Grove, Fox Valley, Franklin Park, Geneva, Genoa, Glen Ellyn, Glencoe, Glendale, Glendale Heights, Glenview, Individuals, Minimum Essential Coverage, requirements, the affordable care act
Posted in Insurance Reform, Requirements | Comments Off on New Guidance on Information Reporting Requirements Under the Affordable Care Act
Tuesday, July 15th, 2014
Insurance News Net reports:
“Although the open enrollment period forhealth insurance under the Affordable Care Act ended in April, college graduates have several other options for coverage.
The website, healthcare.gov, says college graduates, who do not have health insurance provided from an employer, can enroll in private plans outside the online healthcare marketplace from health insurance companies.
(more…)
Tags: Campton Hills, Carol Stream, Carpend, Carpentersville, Cary, Chicago, Chicagoland, College Grads, health insurance, healthcare.gov, insurance, insurance news, Minimum Essential Coverage, young adults
Posted in Health Insurance Cost, Young Adults | Comments Off on College Grads Have Several Options To Get Health Insurance
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, July 16th, 2013
BCBSIL reports:
“Affordable Care Act Question of the Week: Minimum Essential Coverage [All Markets]
The “Question of the Week” answers frequently asked questions regarding the Affordable Care Act (ACA). This week, we feature a question about Minimum Essential Coverage.
(more…)
Tags: Affordable Care Act, BCBSIL, Deer Park, Hampshire, Hanover Park, Harwood Heights, Hebron, Herbron, Highland Park, Hillside, Minimum Essential Coverage, Penalty, Producer, requirements
Posted in Blue Cross and Blue Shield | Comments Off on News from the Blues, July 10th
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