Internal Revenue Service Issue Number: HCTT-2015-49 August 14, 2015 The Affordable Care Act includes the individual shared responsibility provision that requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file. Who is subject to this provision? All U.S. […]
Molina Healthcare warns tax credits may be cut off for some members
We want to share with you that your clients who currently receive the Advanced Premium Tax Credit (APTC) are in jeopardy of losing it IF they do not act by the end of August 2015 to remedy their risk. The IRS has determined that 57% of all who are receiving the APTC have either NOT filed their taxes OR NOT filed the right tax form.
2014 IRS ACA Tax Credit, Penalty and Exemption Forms
The IRS has released a variety of documents related to reporting Affordable Care Act Advance Premium Tax Credit reconcilation, exemptions from the mandate to have health insurance coverage, and directions for caculating the Shared Responsibility Payment. Before taxpayers can crunch the numbers on their tax refund or liability they will have to either either a […]
Covered California MAGI Training
Covered California provided some very important training to insurance agents on determining ACA MAGI for clients…twelve months late. The information offered on household income for tax credits should have been offered months ago before we started the first open enrollment. While the maxim of “better late than never” is apropos, content was at times needlessly […]
IRS mid-year ACA tax credit check up
The IRS issued a mid-year ACA tax credit check up advisory to remind individuals and families to report household changes if they are receiving Advance Premium Tax Credits to lower their monthly health insurance premiums. Most notable is the admonition that if the household income exceeds 400% of the federal poverty lineas reported on their […]
Covered California approves Navigators soliciting health insurance
The Covered California Board approved a resolution at their June 2014 meeting to allocate $16.9 million toward establishing a Navigator program. Under the new Navigator program organizations awarded grants will be encouraged to open store fronts, theyll receive bonuses for exceeding enrollment projections and theyll be allowed to advertise their services. Short of requiring an […]
Supporting agents to help their clients
Agents and brokers drove in 39% of the enrollments for Covered California during the 2013-14 ACA open enrollment period with the least amount of training and resources of any group submitting applications. As Covered California starts their budget process allocating money for 2014 training, I had to speak publicly at a Board meeting and plead […]