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The Patient Protection and Affordable Care Act of 2010 (ACA) has many tax provisions written within its 906 pages. I’ll give a brief overview of the taxes, and sprinkle in some good news among some not-so-good news.
The Patient Protection and Affordable Care Act of 2010 (ACA) has many tax provisions written within its 906 pages. I’ll give a brief overview of the taxes, and sprinkle in some good news among some not-so-good news.
Topics: ACA, PPACA, Patient Centered Outcomes Research Institute, Transitional Reinsurance Fee, Jennifer Kupper, Play or Pay, Cadillac Tax, employer shared responsibility, ACA excise tax, ACA penalties, health insurers providers fee
The 2015 UBA Health Plan Survey data reveals who will not escape the 40% excise tax to take effect in 2020. The “Cadillac” tax, now called the excise tax, was originally set to start in 2018, but legislation passed the end of 2015 delayed the start date by two years.
Topics: ACA, PPACA, excise tax, Cadillac Tax, UBA Health Plan Survey, Affordable Care Act, health care cost
Employers breathed a sign of relief when the looming Cadillac tax was delayed. But are you subject to other fees and penalties under the ACA? The ACA has introduced a multitude of new fees that employers must pay, in addition to penalties for non-compliance with employer shared responsibility rules. These dollar amounts change annually, as does the percentage amount used to calculate affordability in relation to the ACA. UBA’s new ACA Advisor, “Patient Protection and Affordable Care Act Fees, Penalties” gives a quick reference summary of the key 2015 and 2016 fees and penalties associated with the ACA.
Topics: ACA, Transitional Reinsurance Fee, Cadillac Tax, minimum essential coverage, Affordable Care Act, PCORI Fee, ACA penalties
Topics: wellness, ACA, PPACA, IRS Reporting Rules, summary of benefits and coverage, Cadillac Tax, PPACA reporting, Medicare, UBA Health Plan Survey, Affordable Care Act
President Obama has signed the omnibus legislation that includes the Consolidated Appropriations Act for 2016 and a tax extenders package. The agreement will keep the federal government running through September 2016. Within the legislation is language that significantly impacts provisions of the Patient Protection and Affordable Care Act (ACA), largely through delays of upcoming taxes.
Topics: employers, delay, Cadillac Tax, Consolidated Appropriations Act
The Affordable Care Act (ACA) has brought about many changes in employee benefits. Plans have been eliminated, benefits added, rules changed, and rules have been delayed.
The ACA has always been a heavily debated topic between the Republicans and Democrats, and now that we are coming up to another presidential election we know that we can expect it to be talked about quite a lot.
Topics: ACA, PPACA, Cadillac Tax, UBA Health Plan Survey, play or pay requirements, health insurance cost
The data are in for the 2015 Health Plan Survey! See our news release with the top cost trends. Download the UBA 2015 Health Plan Survey Executive Summary with more detailed findings. For quick reference, here’s a brief punch list of the top trends:
Topics: wellness, health plan survey, ACA, Cadillac Tax, UBA Health Plan Survey, Affordable Care Act, health plan trends, insurance costs
The IRS has issued its second notice regarding the upcoming implementation of the Patient Protection and Affordable Care Act’s (ACA) excise tax on high cost employer-sponsored health coverage, also known as the “Cadillac tax.” Beginning in 2018, plans that provide coverage that exceeds a threshold will owe the tax.
Topics: ACA, PPACA, Cadillac Tax, Danielle Capilla, PPACA fees, Affordable Care Act, ACA excise tax
Health Insurance Providers Fee
Section 9010 of the Patient Protection and Affordable Care Act (PPACA) imposes a fee on each covered entity engaged in the business of providing health insurance for United States health risks. This is known as the Health Insurance Providers (HIP) fee or the Health Insurers Tax (HIT) tax. The first filings were due from covered entities by April 15, 2014, and the first fees were due September 30, 2014. Self-insured plans are not covered entities for the purpose of the HIP Fee. The HIP fee is an important revenue source for PPACA, amounting to $8 billion in 2014 and rising to $14.3 billion by 2018. While fully insured plans are not directly responsible for the HIP fee, the Congressional Budget Office was correct when it indicated that it would be “largely passed through to consumers in the form of higher premiums.” Some premiums have increased as much as 4.5%.
Topics: PPACA Affordable Care Act, Jennifer Kupper, excise tax, Cadillac Tax, Health Insurers Tax, Health Insurance Providers fee
Beginning in 2018, plans that provide coverage that exceeds a threshold will owe an excise tax that is frequently referred to as the “Cadillac tax.” The threshold generally will be $10,200 for single benefits and $27,500 for benefits provided to an employee, retiree, or member of a bargaining unit and dependents. The tax is 40% of the value of coverage provided over that threshold level.
Topics: compliance, ACA, IRS, compliance with health care reform, HRA, excise tax, Cadillac Tax