The Affordable Care Act calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared responsibility payment 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.
1. What is the individual shared responsibility provision?
Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals are given shared responsibility to reform and improve the availability, quality and affordability of health insurance coverage in the United States. Starting in 2014, the individual shared responsibility provision calls for each individual to have minimum essential health coverage (known as minimum essential coverage) for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return.
The Affordable Care Act calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared responsibility payment when filing their federal income tax return next year.
Qualifying health insurance coverage, called minimum essential coverage, includes coverage under various, but not all, types of health care coverage plans. The majority of coverage that people have today counts as minimum essential coverage.
Failure to meet even one ERISA Reporting and Disclosure requirement can cost your clietns thousands in penalties and lawsuits. Three out of four employers are not maintaining suffiecient plan documents or providing employees with Summary Plan Documents (SPDs). This requirement is for groups of all sizes. In 2013 fines were $155.6 million. In 2014, Erisa fines were 1.3 billion.
We work with third party administrators to make sure that your company is in compliance and depending on the size of your group, the cost could be as low as $300 per year for your company.
