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
The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code Sections 6055 and 6056, whereby certain employers and insurers must provide information to the IRS about the health plan coverage they offer or do not offer to their employees. On February 8, 2015, the IRS released final versions of forms and instructions
One of the key components of the Affordable Care Act (ACA) is that everyone is required to obtain “minimum essential” health coverage in 2014 or pay a penalty. Minimum essential health coverage can be obtained through your employer, through the Health Insurance Marketplace (Exchange), through a health plan outside of the Marketplace or through a
In 2014, the Affordable Care Act (ACA) began the Individual Mandate in which all individuals are required to obtain minimum essential health insurance coverage for themselves and their family members or pay a penalty. The penalty amount is calculated and paid when an individual files his or her federal income tax return for the year.
The IRS announced in Revenue Procedure 2014-61 issued October 30, 2014, the inflation-adjusted contribution limit for health flexible spending accounts (FSAs) will go up by $50 for the 2015 tax year. The maximum contribution employees will be able to make to their health flexible spending accounts will increase $50 to $2,550 in 2015. That $50