ACA
A date is finally set for the Supreme Court of the United States (SCOTUS) to once again rule on the constitutionality of the Affordable Care Act (ACA). Oral arguments are expected to be heard on November 10, 2020, just one week after the presidential election.
The Internal Revenue Service (IRS) recently issued Rev. Proc. 2020-36 which includes details on the minimum required contribution percentage in determining whether employer-sponsored health coverage is affordable. In 2021, employer-sponsored health coverage will be considered affordable if an employee has to pay no more than 9.83% (an increase of 0.05% from 2020) of their income for such coverage.
Health Savings Account News
You may have previously heard that the 2019 federal tax filing deadline was extended until July 15, 2020. In the event you were unaware, contributions to Health Savings Accounts (HSAs) for the prior year can be made up until the tax filing deadline. The tax filing extension is impactful to HSAs for two reasons:
As a reminder, the Affordable Care Act (ACA) created a research institute known as the Patient-Centered Outcomes Research Institute (PCORI). The goal of PCORI is to help patients and those who care for them make better-informed decisions about healthcare choices.
Millions of Americans have already lost their jobs due to the coronavirus crisis and some experts say the worst is yet to come. According to a recent Federal Reserve estimate, the coronavirus economic freeze could cost 47 million jobs and send the unemployment rate past 32%.
On March 2, 2020, the Supreme Court of the United States (SCOTUS) announced that it would once again hear a case on the Affordable Care Act (ACA) and whether the law is constitutional.
The Affordable Care Act (ACA) requires two types of reporting:
The Affordable Care Act (ACA) includes several taxes to fund various parts of the healthcare law, such as Medicaid expansion and Health Insurance Marketplace subsidies. Since the ACA became law, there have been debates in Congress about many of the taxes. Some have argued for repeal, some have argued for change and others have argued for extensions of various tax components of the law.
New SBCs Required in 2021
The Affordable Care Act (ACA) created a research institute known as the Patient-Centered Outcomes Research Institute (PCORI). The goal of PCORI is to help patients and those who care for them make better-informed decisions about healthcare choices. PCORI is funded by temporary fees which are charged to health plans. The following information is designed to help employers understand their upcoming payment obligations in 2020.