Health Care Reform at Thomson Reuters

Your authoritative source for health care reform information

Special Report:

Get Ready to Play or Pay: Employer Shared Responsibility Under Health Care Reform

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The wait is over. The health insurance exchanges are open for business—and all Americans (with few exceptions) are now required to have health insurance…or pay a penalty. Affecting tax, accounting and employee benefits professionals alike, the Affordable Care Act (ACA) has everyone looking for answers on how to stay up-to-date and in compliance. There are immediate implications for employers, as they face critical decisions about whether to add or drop employees, convert some employees from full to part-time status, increase or decrease employees’ contributions to the cost of coverage, or drop coverage entirely. These decisions will have financial consequences in 2016 and beyond.

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Health Care News

A general view of the U.S. Internal Revenue Service (IRS) building in Washington May 27, 2015. Tax return information for about 100,000 U.S. taxpayers was illegally accessed by cyber criminals over the past four months, U.S. IRS Commissioner John Koskinen said on Tuesday, the latest in a series of data thefts that have alarmed American consumers. REUTERS/Jonathan Ernst

IRS 2016 Final Forms 1094-C and 1095-C (and Instructions) and Publications 5164 and 5165

(10/7/2016) - The IRS has released additional materials related to health coverage reporting for the 2016 tax year. Final Forms 1094-C and 1095-C (C Forms) and the related instructions generally incorporate the revisions included in the drafts (see our articles on the draft forms and instructions). As background, the C Forms are filed by applicable large employers (ALEs) to report information necessary for the IRS to administer the Code § 4980H employer shared responsibility provisions. Continue Reading

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Frequently Asked Questions

The topic of health care reform is one of the most rapidly changing, far-reaching and hotly debated in recent history. You’re likely to have questions—here are some answers:

What do I need to know about health care reform in general?

In March 2010, Congress enacted legislation that overhauls the U.S. health care system, affecting nearly all taxpayers and employers, and changing many elements of the health care industry. The legislation contains a host of tax changes, many of which are both complex and novel. Some already have gone into effect, and still others will take effect beginning in 2016 and beyond.

These new requirements are a work in progress, particularly in light of the lengthy time span for their implementation. Some of the rules originally in Patient Protection and Affordable Care Act (PPACA) and Health Care and Education Reconciliation Act of 2010 (HCERA) have been repealed, while the effective date of other rules has been modified (i.e., deferred) by IRS.

As the biggest social reform since the implementation of Medicare and Medicaid, health care reform also brings a unique opportunity for practitioners. Accountants are uniquely positioned to advise clients on the impact of health care reform and how to avoid associated taxes and penalties.

If the laws are constantly changing, how can I be sure I’ve got the most current information?

Thomson Reuters offers a comprehensive set of guides, tools and learning opportunities to help you navigate the tax and other provisions of the health care reform law.

Get up-to-date expert analysis of the key requirements that affect employers, administrators, advisors, and insurers with the EBIA Health Care Reform for Employers and Advisors.

Navigate the challenges with in-depth, employer-specific analysis of the ACA’s impact on current plans and potential alternatives with the continuously updated ACA Decision Support Tool.

Or turn to a single source of practical, easy-to-understand guidance on the key tax provisions of the PPACA and the HCERA in PPC’s Guide to Health Care Reform.

What do I need to know specifically regarding changes to benefits and plans?

In addition to the tax changes, health care reform makes a number of other fundamental changes to the health care system designed to expand access to coverage and to control health care costs. These changes include insurance market reforms, benefit mandates, Medicaid expansion, required participant disclosures, and online marketplaces in each state to facilitate the purchase of coverage. Therefore, the tax provisions—while important—are just one piece of a very complex puzzle that also affects employers, insurers, and advisors (including TPAs, brokers, lawyers, and accountants).

The following guidance is designed to help employee benefits professionals understand these new complexities resulting from health care reform:

What do I need to know about the tax implications of health care reform?

Health care reform will have wide-ranging tax implications for both individuals and employers. Employer mandates to provide “affordable” insurance coverage, individual mandates to obtain coverage, credits and subsidies to help individuals purchase coverage, new reporting requirements and taxes are a few of the many changes that will impact your clients.

Quickly locate answers and respond to the many questions your clients are asking with the new Health Care Reform Quickfinder Handbook. Or, for more comprehensive and detailed guidance to help you understand and implement your clients’ new responsibilities, turn to PPC’s Guide to Health Care Reform.

Quickly and easily assess the impact of the employer shared responsibility (play or pay) rules and model various alternative scenarios for employer-provided health benefits with the innovative new ACA Decision Support Tool.

Also available from Checkpoint Learning:

What do I need to know about the health care industry in general?

Physicians and other health care professionals often need a wide variety of professional services from their trusted CPA, including write-up, financial planning, federal income tax planning, retirement plans, and payroll taxes.

PPC’s Guide to Physicians and Other Health Care Professionals covers this wide range of profitable services, while also addressing Medicare laws and regulations, the fraud and abuse laws, physician compensation arrangements and how to divide the profits of the practice, medical office management, and billing considerations

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Did You Know:The Affordable Care Act has resulted in over 20,000 pages of new regulations.

I believe that the Affordable Care Act is probably the most complex piece of legislation ever passed by the United States Congress … up to this point it is just beyond comprehension.

Jay Rockefeller D-WV

Are your clients counting on you?

Over 70% of clients counting on employee benefits professionals for advice concerning the ACA