Tag Archives: Obamacare

IRS: Now Is the Time for a Mid-Year Premium Tax Credit Checkup

IRS: Now Is the Time for a Mid-Year Premium Tax Credit Checkup by Howard Lipset, CPAIf you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit. If your circumstances have changed, the time is right for a mid-year checkup to see if you need to adjust the premium assistance you are receiving. You should report changes that have occurred since you signed up for your health insurance plan to your Marketplace as they occur.

Changes in circumstances that you should report to the Marketplace include, but are not limited to: Continue reading

Do You Know What “PCORI” Is?

Do You Know What "PCORI" Is? by Howard Lipset, CPAWell, you had better. It is the Patient-Centered Outcomes Research Institute, and it is a new fee under the Affordable Care Act.

And it is a nit-picking little fee filed on IRS Form 720 for any employer with a self-funded plan. Form 720 is a 6-page form that was originally intended to be an excise tax on gasoline and other gasoline type products. It is filed quarterly, but for PCORI it is filed annually in the second quarter.

You need to count up the number of covered persons (including dependents), and if your plan year ended on or before 10/1/13 you owe $1.00 per person, and $2.00 per person for years ending on or before 10/1/14. However, a plan ending March 31, 2015 does not have to file until July 2016. Yes, 16 months later. And the definition in the official instructions does not easily interpret this. We had to get it in writing from the insurance company. Continue reading

Do You Qualify for a Health Insurance Coverage Exemption?

Do You Qualify for a Health Insurance Coverage Exemption? By Howard LipsetThe Affordable Care Act (ACA) calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared responsibility payment (this is the penalty tax) when filing his or her federal income tax return.

You may be exempt from the requirement to maintain qualifying health insurance coverage, called minimum essential coverage, and may not have to make a shared responsibility payment when you file your next federal income tax return.

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BRIDGE VERSUS OBAMACARE

Howard Lipset of Progressive Management and www.thecfo.wordpress.com talks about the Affordable Care Act and how it is going to affect all of us.I love to play Duplicate Bridge.

The game is totally logical. It requires that you be able to count 4 suits of 13 cards each AND 10 points in each suit and after a few plays you can figure out where the rest of the cards lie.

The same thing cannot be said for the Affordable Care Act (ACA). Despite the fact that we were assured that premiums would go down, they are on the rise. Despite the fact that we were assured that if we liked our policy, we could keep our policy, the truth is that the old policies are going to be squeezed out.

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OBAMACARE

Howard Lipset of www.thecfo.wordpress.com talks about some of the negative aspects of Obamacare.At the end of January, both the Internal Revenue Service and the Department of Health and Human Services issued two sets of proposed regulations related to the individual mandate of the Patient Protection and Affordable Care Act.

And here is what jumps off the pages at me.

If two government bureaucracies have written regulations on the same material, who reviewed it to be sure that there are no conflicts?

If there are conflicts, whose version overrides the other?

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