Impact of Tax Bill


The tax bill signed into law on December 22, 2017, eliminates the tax penalty for individuals who fail to maintain minimum essential coverage (MEC) as of January 1, 2019. Although this change will affect individuals who decline to enroll in health coverage, it does not eliminate employer reporting requirements. Some important considerations:

  *   The individual mandate penalties are still in force in 2018. Individuals who go without health coverage for 3 months or longer in 2018 will still have to pay a penalty (unless they qualify for an exception).
  *   The employer mandate still applies. Applicable large employers (ALEs) will continue to face penalties for failure to offer affordable coverage providing minimum value to their full-time employees.
  *   The section 6055 and 6056 reporting requirements continue to apply. Applicable large employers, employers of any size that provide self-funded and level-funded plans, and insurance carriers are still required to issue the applicable 1095 forms and file those forms with the IRS.

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amendedAhac

On May 4, 2017, members of the U.S. House of Representatives voted 217-213 to pass the American Health Care Act (AHCA), after it had been amended several times. The AHCA is the proposed legislation to repeal and replace the Affordable Care Act (ACA).

The AHCA needed 216 votes to pass in the House. Ultimately, it passed on a party-line vote, with 217 Republicans and no Democrats voting in favor of the legislation. The AHCA will now move on to be considered by the Senate. It is likely that the Senate will make changes to the proposed legislation before taking a vote. The AHCA would only need a simple majority vote in the Senate to pass. However, unless and until the AHCA is passed by the Senate and signed by President Trump, the ACA will remain intact.

While it’s likely the AHCA will be modified in the Senate, these are the current main impacts to the ACA:

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Please join us on April 13, 2017 at 12:00pm ET to learn what you need to know about:

 The Future of Health Care Reform

 With the transition to the Trump administration, much attention has been focused on what the future will bring for the Affordable Care Act. Join our health care reform attorneys to learn about the current status of efforts to repeal and replace the ACA and what the changes mean for employers.

Space is limited to the first 50 participants so please register ASAP!

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