IRS Grants Extension for 6055 and 6056 Reporting

by Eriksen Insurance | Jan 26, 2016 | Individual Health Insurance, Open Enrollment

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...

Employer Paid Individual Health Insurance Policies Create the Potential for Significant Penalties, but Limited Relief is Available

by Eriksen Insurance | Jun 25, 2015 | Health Insurance Cost, Insurance Reform

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”),...

Employer Shared Responsibility

by Eriksen Insurance | Feb 27, 2015 | Affordable Care Act, Small Business

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...

How To Report to the IRS About Health Coverage Under Obamacare

by Eriksen Insurance | Jan 13, 2015 | Health Insurance News, Insurance Reform, Requirements

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...

Section 6055 Reporting of Health Plan “Minimum Essential Coverage” for Small and Large Employers

by Eriksen Insurance | Nov 3, 2014 | Insurance Reform

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,...