Recently, clients may have contacted you with questions about Letter 226-J, which they would have received from the Internal Revenue Service (IRS) during or after the end of 2017. These letters stated that your clients might owe money, either because the IRS didn’t offer health coverage to enough of its full-time employees, or because the health coverage that it did offer wasn’t affordable (or minimum value).
Topics: health insurance policy, Health Coverage Tax Credit, play or pay requirements, ACA penalties, benefits compliance, tax law, Compliance Advisor
Beginning in 2015, to comply with the Patient Protection and Affordable Care Act (ACA), “large” employers must offer their full-time employees health coverage, or pay one of two employer shared responsibility / play-or-pay penalties. The Internal Revenue Service (IRS) determines the penalty each calendar year after employees have filed their federal tax returns.
Topics: IRS, employer shared responsibility, Affordable Care Act, play or pay requirements
Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees.
Topics: ACA, employer shared responsibility, Danielle Capilla, Affordable Care Act, play or pay requirements, applicable large employers, IRS Form 1094-C
An employer that offers minimum essential coverage to substantially all of its full-time employees may still owe penalties if the coverage it offers is inadequate because it is not "affordable" or it does not provide "minimum value." It also may owe penalties on the employees it does not offer coverage to who receive a premium subsidy.
Topics: ACA, PPACA, Danielle Capilla, Affordable Care Act, minimum value coverage, play or pay requirements
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
Minimum essential coverage or "MEC" is the type of coverage that an individual must have under the Patient Protection and Affordable Care Act (ACA). Employers that are subject to the ACA's shared responsibility provisions (often called play or pay) must offer MEC coverage that is affordable and provides minimum value.
Topics: ACA, PPACA Affordable Care Act, minimum essential coverage, employer shared responsibility, play or pay requirements
Beginning in 2015, under the Patient Protection and Affordable Care Act (ACA), large employers must offer affordable, minimum value coverage to their full-time employees or potentially pay a penalty. Some companies have or had been marketing a plan that they state satisfies the minimum value requirement (an actuarial value of 60 percent), based upon a calculator provided by the Department of Health and Human Services (HHS), even though the plan does not cover inpatient hospital charges. New information provided by the IRS and HHS in 2014 and recently in 2015 should be considered as employers review their benefit offerings.
Topics: ACA, PPACA Affordable Care Act, minimum essential coverage, minimum value coverage, play or pay requirements
