healthcare reform

Posted January 18th, 2017 in Producers, Employers, Individuals
The term “excepted benefit” is used very frequently in the health insurance industry, but several people have a hard time understanding what that term actually means. In reality, it’s not that hard of a term to understand once it’s explained in plain English. 
 
Posted January 13th, 2017 in Producers, Employers, Individuals
Nothing has changed yet. Nothing will change until after Donald Trump is sworn in as President on January 20th.
Posted December 20th, 2016 in Producers, Employers, Individuals
The health insurance industry saw quite the year in 2016. Here are some of the highlights:
 
  1. ACA reporting had to be submitted for the first time which was an administrative struggle for several employers, but most were able to find a way to get it completed.
     
  2. Several Co-Ops, including Land of Lincoln Health, were forced to shut down due to solvency problems. 
     
  3. Most insurers reduced or eliminated commissions on the sale of individual health insurance plans as a result of profit losses.
     
Posted November 30th, 2016 in Producers, Employers
The Internal Revenue Service (IRS) issued Notice 2016-70 on November 18, 2016 which provides some relief to insurers, employers and other entities subject to ACA reporting requirements under Code Section 6055 and 6056. The Notice does not extend the due date of the filing requirement for the 2016 year, but it does extend the due date in which copies of the reporting forms must be provided to employees and individuals. The due dates are now as follows:
 
Posted November 22nd, 2016 in Producers, Employers, Individuals
Last week, we posted a blog on the future of the Affordable Care Act (ACA). That blog focused on what types of things could potentially be repealed under President-elect Donald Trump. In this blog, the focus is on when things could start to get repealed, with an understanding that this is all speculation.
 
Posted November 15th, 2016 in Producers, Employers, Individuals
Several Republican political leaders indicated their efforts to repeal the Affordable Care Act (ACA) would end if Hillary Clinton were elected as President, but the exact opposite happened. Donald Trump has been elected to serve as the 45th President of the United States and is set to take office on January 20, 2017. Trump has said on numerous occasions that the very first thing he’ll do is repeal “Obamacare.” Could this actually happen?
 
Posted November 10th, 2016 in Producers, Employers

People who have access to affordable coverage from their employer are ineligible to receive subsidies through the Health Insurance Marketplace, also known as the Exchange. For 2017, coverage is considered affordable if the employee’s share of premium for self-only coverage is 9.69% or less of their household modified adjusted gross income.

Posted October 28th, 2016 in Producers, Employers

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Posted October 11th, 2016 in Producers, Employers
The Affordable Care Act (ACA) requires certain entities to report information to the Internal Revenue Service (IRS) relative to health insurance coverage. The reporting is generally completed by insurance companies, government-run Exchanges and applicable large employers. The reporting helps the IRS enforce three key provisions of the ACA:
 
  1. Most U.S. citizens and lawfully present residents must have health insurance or pay a penalty. This is referred to as the Individual Mandate. The reporting helps the IRS understand who has health insurance coverage.
     
Posted September 26th, 2016 in Producers, Employers, Individuals
The cornerstone of the Affordable Care Act (ACA) is arguably the Health Insurance Marketplaces, also referred to as the Exchanges. Effective 2014, previously uninsurable individuals could start enrolling in a health insurance plan without regard to their medical history, and people who had trouble affording coverage could receive subsidies to reduce their out-of-pocket costs and/or premiums if certain requirements could be met.  
 

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