The federal government just announced a new wrinkle in its ACA approach. HHS released guidance that may allow certain individuals who faced enrollment difficulties with Marketplaces to receive the tax credits and cost-sharing reductions. In short, the guidance allows certain Marketplaces to provide the credits and cost-sharing reductions retroactively, provided that an individual applied for […]
Certain employers must pay a § 4980H tax penalty if one or more of their employees enroll in the ACA’s premium assistance tax credits. Under the statute, the § 4980H tax penalties apply to employers with more 50 or more full-time employees. The tax penalties may be substantial: an employer that does not offer coverage […]
Last week, HHS released the latest enrollment report for the ACA’s Marketplaces. Thus far, about 3.3 million individuals have selected a qualified health plan on the new Marketplaces. Moreover, the federal Marketplace reports a 62 increase in plan selections in January compared to previous three months – with faster growth among younger consumers. Because previously-insured […]
We’ve been thinking a lot about taxes and health care, and our anticipation about Sunday’s Super Bowl 2014 game brought some things to mind. The Gridiron is many things to many people, and we generally take the risks in stride while we enjoy the excitement. Not everyone – and certainly not every player – is […]
Earlier this week, HHS released the initial enrollment figures for the new insurance marketplaces. While these numbers are low, the White House is absolutely correct: these early data are not in any way indicative of future enrollment. But the real reason that the White House is right is itself fascinating. Further, it points to larger […]
The ACA’s rocky rollout may have lost a critical opportunity to enroll consumers when they have cash in their pockets. Beginning in November, many families begin to redirect their spending towards holiday purchases. Cash-strapped families simply won’t be able to find extra money to pay new insurance premiums during the holiday period. Thus, the glitches […]
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The Treasury Department posted a blog post late today noting that it would: Publish rules about employer reporting requirements later this summer Delay the employer “shared responsibility” payments under § 4980H of the Internal Revenue Code until 2015 (as added by § 1513(a) of the ACA) For reference, IRC § 4980H imposes the $2,000/$3,000 penalty […]
Under the federal income tax rules as currently written, tax filers may be able to claim a same-sex partner as a dependent if they live together for the year, if the partner resides legally in the U.S., if the taxfiler provides at least 50% of the total support for the partner and the household, and […]
