The IRS has provided both new and updated Q&A guidance on the reporting requirements for applicable large employers under the federal tax code. As background, beginning in 2016, applicable large employers must file Forms 1094 and 1095 to provide information to the IRS and plan participants about health coverage provided in the prior year. The […]
By Larry Grudzien Attorney-At-Law August 9, 2015 On August 6, 2015, IRS released draft instructions for Forms 1094-C and 1095-C for 2015. The following is an overview of important provisions to consider in the completion of the forms: 1. Who Must File: If an employer is offering health coverage to employees other […]
Blue Cross Blue Shield of Michigan and Blue Care Network are reviewing their policies on domestic-partner coverage as a result of the U.S. Supreme Court’s decision on same-gender marriages delivered on June 26, 2015. The court ruling announced that states must issue marriage licenses to same-gender couples and recognize same-gender marriages performed in other states. […]
Executive Summary Now in second year, a new infrastructure of consumer assistance in health insurance continues to develop. The Affordable Care Act (ACA) provided for new publicly funded consumer assistance entities to help people on an ongoing basis as they apply for health coverage and subsidies and resolve questions and problems with their insurance once […]
Starting with the 2015 tax year, health coverage reporting will be required, and large underwritten and self-funded groups must be prepared to do this in 2016. In a previous Blue Alert, we told you about the requirements for us to report on our underwritten group and individual (off-Marketplace) coverage information (IRS Section 6055). We also […]
We’ve combined health care taxes and fees information for both the Affordable Care Act and the state of Michigan into one frequently asked questions document. Which Taxes and Fees Are Discussed In The New, Comprehensive FAQ? ACA Taxes and Fees State of Michigan Taxes and Fees * Comparative Effectiveness Research Fee * Michigan Claims Assessment […]
Total health care spending growth is expected to average 5.8 percent in aggregate over 2014-2024, according to a report published today in Health Affairs authored by the Centers for Medicare & Medicaid Services’ (CMS) Office of the Actuary (OACT). The authors noted that this rate of growth is still substantially lower than the 9 percent […]
Several months after Blue Cross Blue Shield of Michigan announced that we are reducing insurance rates for many of our small employer customers in Michigan, another dose of good news is on the way. Because of lower-than-expected medical costs in 2014, Blue Cross and Blue Care Network are able to refund many of our small […]
August 4, 2015 On May 4, 2015, the Internal Revenue Service (IRS) released calendar year 2016 out-of-pocket (OOP) maximum limits and minimum deductible amounts for high deductible health plans (HDHPs). For calendar year 2016, the OOP maximum limits will be: • $6,550 for self-only coverage (up from $6,450 in 2015) • $13,100 for family coverage […]
