On January 22, 2018, President Trump signed the Continuing Resolution (CR) short-term spending bill into law, which provides a six-year extension of the Children’s Health Insurance Program (CHIP), and delays the Cadillac Tax, Medical Device Tax, and the Health Insurance Industry Fee. The Joint Committee on Taxation found the suspension of these ACA fees would
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act. This Act made significant changes to individual and corporate U.S. tax code provisions. The bill includes permanent repeal of the Affordable Care Act (ACA) individual mandate, requiring individuals to purchase and maintain health coverage and zeros out the penalty beginning in 2019. The
On December 28, 2015, the IRS announced that deadlines for 2015 Section 6055 and 6056 reporting have been delayed. These deadlines have been extended to give employers and other providers more time to analyze and report coverage information. March 31, 2016: is the new deadline for furnishing Forms 1095-B and 1095-C to employees (previous due
In December 2015, the Department of Health and Human Services (HHS) proposed out-of-pocket maximums (OOPM) for 2017 non-grandfathered health plans. The proposed OOPMs are as follows: Self-only coverage: $7,150 in 2017 (up from $6,850 in 2016) Family coverage: $14,300 in 2017 (up from $13,700 in 2016) The OOP maximum includes an individual’s yearly deductible and
Under the Affordable Care Act (ACA), the Summary of Benefits and Coverage (SBC) and Uniform Glossary was created to help consumers compare coverage options available to them. This disclosure requirement applies to both grandfathered and non-grandfathered plans. Group health plans and health insurance carriers are required to provide the SBC and uniform glossary free of