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Posts Tagged ‘Penalty’

‘Sham’ Sharing Ministries Test Faith Of Patients And Insurance Regulators

Monday, May 20th, 2019

KHN reports:

“Sheri Lewis, 59, of Seattle, needed a hip transplant. Bradley Fuller, 63, of nearby Kirkland, needed chemotherapy and radiation when the pain in his jaw turned out to be throat cancer. And Kim Bruzas, 55, of Waitsburg, hundreds of miles away, needed emergency care to stop sudden —and severe — rectal bleeding.

Each of these Washington state residents required medical treatment during the past few years, and each thought they had purchased health insurance through an online site.

(more…)

Here’s who will lose their insurance if Obamacare is overturned

Monday, May 20th, 2019

CNBC reports:

“The Affordable Care Act once again faces legal hurdles after President Donald Trump and his administration supported a lawsuit questioning the health-care law’s constitutionality.

If the lawsuit succeeds and the courts decide to repeal the Affordable Care Act, also known as Obamacare, millions of Americans could lose their health care if a replacement plan is not established. Though Trump wanted to replace the law with a new Republican plan before the 2020 elections, the GOP refused to bring forward its own proposal until it wins a majority in the House of Representatives.

(more…)

Help Squad: Will Medicaid errors result in $4K tax penalty for couple?

Thursday, June 30th, 2016

The Chicago Tribune reports:

“Dear Help Squad,

I hope you can help us get the documents we need so our health insurance is not canceled.

For 2015, we signed up for medical insurance through the health care marketplace. The agent who assisted us determined our income level qualified my wife and me for coverage under Illinois Medicaid, which we continued throughout 2015.

(more…)

Blue Cross premium hikes in Texas, Oklahoma could mean Illinois sticker shock

Tuesday, June 14th, 2016

The Chicago Tribune reports:

“Illinois residents who buy Blue Cross and Blue Shield health care coverage through the state insurance exchange may be in for Obamacare sticker shock, if proposed rate hikes by the largest insurers in Texas and Oklahoma are any indication.

Texas and Oklahoma are possible harbingers of Blue Cross’ prices on the Illinois exchange because all three health plans are owned by the same company, Chicago-based Health Care Service Corp. Blue Cross is the most popular insurer on the Illinois exchange.

(more…)

IRS Grants Extension for 6055 and 6056 Reporting

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…)

Millions choose IRS fines as more affordable than health coverage

Monday, January 11th, 2016

The New York Times Reports:

“Despite a 29 percent increase in the number of people enrolled in Obamacare, plenty of healthy holdouts remain, and their resistance helps explain why insurers are worried about the financial viability of the exchanges over time.

The New York Times
WASHINGTON —

Clint Murphy let the deadline for getting health insurance by the new year pass without a second thought.

(more…)

Will Only Suckers Pay The ObamaCare Tax Penalty?

Friday, February 27th, 2015

Investor’s Business Daily reports:

“This year, as many as 6 million taxpayers will learn that they now owe a “Shared Responsibility Payment” because they didn’t have health insurance last year.

The SRP is a clumsy euphemism for the ObamaCare individual mandate tax penalty, which is $95 or 1% of household income, whichever is greater, for those who didn’t have insurance in 2014. That increases to the greater of $325 or 2% of income for those who don’t have insurance this year, and then to $695 or 2.5% of income the year after that.

(more…)

Employer Shared Responsibility

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.

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