Producers

Posted December 26th, 2017 in Individuals, Producers, Employers

The Tax Cuts and Jobs Act, also known as the Tax Act, was signed into law on December 22, 2017. The Tax Act makes several changes to the existing tax code, including the repeal of the Individual Mandate (kind of, sort of). The Individual Mandate was not literally repealed by the Tax Act, but the penalty for failing to have minimum essential coverage (e.g., health insurance) has been reduced to $0 starting on January 1, 2019. This is effectively the equivalent of repeal; however, the Individual Mandate will still be applicable for the 2017 and 2018 tax years. This change to the Individual Mandate has spurred numerous questions and/or speculations, including:

Posted December 19th, 2017 in Producers, Employers, Individuals
The state of Maryland passed a law known as the Contraceptive Equity Act which is scheduled to take effect on January 1, 2018. The law requires fully insured health plans issued in the state of Maryland to cover male sterilization procedures (i.e. vasectomies) as preventive care without any copay, deductible or other cost-sharing requirements for the member. 
 
Posted December 12th, 2017 in Producers, Employers, Individuals
We haven’t even gotten through the 2018 open enrollment season yet, but the Centers for Medicare and Medicaid Services (CMS) has already proposed rules that would impact health insurance markets for 2019. Each year, CMS issues a Notice of Benefit and Payment Parameters which explains various rules, inflation adjustments and other changes that will occur with the implementation of the Affordable Care Act (ACA).
Posted December 6th, 2017 in Producers, Employers
The Health Savings Account (HSA) market has grown rapidly in the past decade. More than 21 million people currently have an HSA and there’s still plenty of opportunity for growth. In fact, a recent report projects 30 million HSAs by the end of 2019.
 
Here are the top employer benefits of an HSA:
 
Posted December 1st, 2017 in Producers, Employers
Bipartisan efforts (yes, you read that right) are underway to repeal the Cadillac Tax imposed by the Affordable Care Act (ACA). A letter signed by 140 bipartisan members of the House of Representatives (House) urges a repeal this year. Efforts are being led by Congressman Joe Courtney (D-CT-2) and Mike Kelly (R-PA-3). 
 
Posted November 22nd, 2017 in Producers, Employers

The Internal Revenue Service (IRS) has updated its Questions and Answers website in regards to the Employer Mandate, and it appears they have started to send initial notices to employers who are subject to a penalty for the 2015 year (generally, this will be employers with 100 or more employees since transition relief was available in 2015 to employers with 50-99 employees).

Posted November 14th, 2017 in Producers, Employers, Individuals
Congressional Republicans have shifted their focus from healthcare reform to tax reform. According to an overview which was released in late September, three key objectives of tax reform are to:
 
  1. Make the tax code simple, fair and easy to understand.
  2. Give American workers a pay raise by allowing them to keep more of their paychecks.
  3. Bring back trillions of dollars that are currently kept offshore to reinvest in the American economy.
Posted November 7th, 2017 in Producers, Employers

The original version of this article was published on January 15, 2016. It has been updated annualy to account for inflationary changes. 

 
Posted November 1st, 2017 in Producers, Employers, Individuals
As you may have heard, the Trump administration discontinued funding for the cost-sharing reduction subsidies (CSR subsidies). Critics of this move believe it will create instability in the Exchange and individual marketplaces. Political efforts to restore the CSR subsidies are underway, but it appears Republican leadership has some demands as part of those restoration efforts.
Posted October 23rd, 2017 in Producers, Employers, Individuals

IRS Revenue Procedure 2017-58 was released last week. It includes a number of inflation adjustments to various benefits and other items for 2018 including the following for Consumer-Driven Accounts:

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