Burlington,MA(August 5, 2014)—Axial Benefits Group,anemployee benefits broker in Burlington,MA, todayannouncesthatitsDirector,Stephanie Gallegos,hasbeennamed to the NAPA “Top 50 Plan Advisors Under 40” List for 2014. The list is published in the summer 2014 issue of NAPA Net Magazine and featured online.
The Affordable Care Act (ACA) requires most individuals to obtain acceptable health insurance coverage for themselves and their family members or pay a penalty. This rule, which took effect in 2014, is often referred to as the individual mandate. The penalty amount that an individual will have to pay is capped at the annual national average bronze plan premium.
On July 25, 2014, the Internal Revenue Service (IRS) released Revenue Procedure 2014-46 (Rev. Proc. 2014-46), which provides the 2014 monthly national average premium for bronze level plans.
Starting in 2015, the Affordable Care Act (ACA) requires applicable large employers to offer affordable, minimum value health coverage to their full-time employees (and dependents) or pay a penalty. The employer penalty rules are also known as the employer mandate or the “pay or play” rules.
Also, effective for 2014, affordability of health coverage is used to determine whether an individual is:
· Eligible for a premium tax credit for a health plan purchased through an Exchange; and
· Exempt from the penalty for not having minimum essential coverage.
The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Sections 6055 and 6056. Under these new reporting rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees.
On July 24, 2014, the Internal Revenue Service (IRS) released draft versions of the following forms that employers will use to report under Sections 6055 and 6056:
1. Form 1094-B: Transmittal of Health Coverage Information Returns;
2. Form 1095-B: Health Coverage;
3. Form 1094-C: Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Return; and
4. Form 1095-C: Employer-Provided Health Insurance Offer and Coverage.
On July 22, 2014, the D.C. Circuit Court struck down the availability of health insurance subsidies in states with federal Exchanges, while the 4th Circuit Court upheld their availability in all states, including those with federal Exchanges.
Several lawsuits have been filed by individuals and employers to challenge the ability of the federal government to provide tax credits under the Affordable Care Act (ACA) to individuals in states that did not establish their own Exchanges (that is, in states with federally-facilitated exchanges, or FFEs). These lawsuits were filed in response to an Internal Revenue Service (IRS) rule that authorizes subsidies in all states, including those with FFEs.
In April 2006, the Massachusetts Health Care Reform Act (Act) was signed into law to provide nearly universal health care coverage for the residents of Massachusetts. One part of the Act required employers to provide health coverage to their employees or pay a penalty.
Beginning in 2013, various aspects of the Act were repealed to avoid duplication with the employer shared responsibility rules in the Affordable Care Act (ACA).
The Affordable Care Act (ACA) requires health insurance issuers and sponsors of self-insured health plans to pay Patient-Centered Outcomes Research Institute fees (PCORI fees). The fees are reported and paid annually using IRS Form 720 (Quarterly Federal Excise Tax Return).
PCORI fees are due by July 31, 2014, for plan years ending in 2013. The IRS provided instructions for filing form 720, which include information on reporting and paying the PCORI fees.
Four years after its passage, and months after several of its most significant components went into effect, the Affordable Care Act (ACA) has significantly affected survey respondents across the nation. While uncertainty about the long-term impact of the ACA remains, employers are starting to observe and measure the impact of the law in their workplaces. When faced with the prospect of providing coverage for employees or paying a fine, a large majority of employers decided to "play." Of those, most are now reporting increased costs. Employers also remain largely skeptical about other aspects of the law, including the health insurance Exchanges and the community rating requirements.
Affordable Care Act (ACA) reforms that took effect this year may make purchasing health insurance in the individual market more accessible. Due to these reforms and the rising costs of health coverage, some employers have considered helping employees pay for individual health insurance policies instead of offering an employer-sponsored plan.
On May 13, 2014, the Internal Revenue Service (IRS) issued FAQs addressing the consequences for employers that do not establish a health insurance plan for their employees, but instead reimburse employees for premiums they pay for individual health insurance (either inside or outside of an Exchange). These arrangements are known as employer payment plans.
Beginning in 2015, the Affordable Care Act (ACA) generally requires applicable large employers to offer affordable, minimum value health coverage to their full-time employees (and dependents) or pay a penalty. These employer mandate penalties are also known as "shared responsibility" or "pay or play" penalties.
On May 13, 2014, the Internal Revenue Service (IRS) released FAQs addressing consequences under the employer shared responsibility rules for applicable large employers that offer health insurance coverage to all full-time employees, but do not offer dependent coverage.
This communication is strictly intended for individuals residing in the states of AR, AZ, CA, CO, CT, DC, DE, FL, GA, IL, IN, KS, MA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NH, NJ, NM, NV, NY, OH, OR, PA, RI, SC, TX, UT, VA, VT, WA, WI. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. Securities and advisory services offered through Commonwealth Financial Network, Member FINRA (www.finra.org) / SIPC (www.sipc.org), a Registered Investment Adviser. Fixed insurance products and services offered by Axial Benefits Group are separate and unrelated to Commonwealth.
The Axial "A" logo, PINCAP®, and PCMI® are registered trademarks of Axial Financial Network, LLC, and/or its affiliates. The marks "Centered on You"℠, AFG℠, ABG℠, AFP℠, Swift Financial Services℠, Axial Financial Group℠, Axial Benefits Group℠, Axial Financial Partners℠, Axial Insurance Group℠, and the Axial Family of Companies℠ are proprietary Service Marks of Axial Financial Network, LLC. All rights reserved.