The IRS released the annual inflation-adjusted contribution, deductible, and out-of-pocket expense limits for 2015 for health savings accounts (HSAs). Eligible individuals may, subject to statutory limits, make deductible contributions to an HSA. Employers, as well as other persons (e.g., family members), also may contribute on behalf of an eligible individual. Employer contributions generally are treated as employer-provided coverage for medical expenses under an accident or

Beginning in 2015, applicable large employers may be subject to the employer shared responsibility penalties under the Affordable Care Act if they do not offer full-time employees (and their dependents) health insurance coverage that meets certain criteria. In order to avoid penalties, any applicable large employer has to determine which of its current employees must be offered affordable health insurance. They must offer affordable health insurance coverage to full-time empl

For the next few weeks, we will be taking a look at the employer mandate that is part of the Affordable Care Act. Before the Affordable Care Act, employers had complete discretion whether to offer health plan coverage to their employees and their dependents. Now with the passage of the Affordable Care Act, the rules have drastically changed. Large employers may be subject to a penalty if they do not offer their full-time (and their dependents) the opportunity to enroll in

Today we will continue to address the requirement that individuals maintain health insurance, specifically the meaning of the term “minimum essential coverage.” For purposes of the requirement that “applicable individuals” will have to maintain “minimum essential coverage” after 2013, the term “minimum essential coverage” will mean coverage under any of the following: Medicare program under Part A of Title XVIII of the Social Security Act Medicaid program under Title XIX of t

Today we will begin to address the requirement that individuals maintain health insurance. The Patient Protection and Affordable Care Act also known as Obamacare, contains an “individual mandate”—a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty. I'm writing to give you an overview of the penalty provisions enforcing the individual mandate. Under the new law, effective for tax years beginning after December 31

Due to several recent client inquiries, today we are going to revisit the topic regarding increased hospital insurance tax (Medicare tax). This tax was a result of health care reform legislation. It affects high income earners and the employers of those same individuals. For tax years beginning after December 31, 2012, an additional 0.9% Medicare tax applies to wages received with respect to employment in excess of: $250,000 for joint returns; $125,000 for married taxpayers

Today we are going to talk about the Patient Protection and Affordable Care Act — specifically penalties for not offering health care coverage to employees. The employer mandate will be effective on January 1, 2015. You can find more information about this in our previous blog, Health Care Reform Part 3. Although the new law imposes penalties on certain businesses for not providing coverage to their employees, also known as the so-called “pay or play,” most small businesses

Today we are continuing our installment on issues covering health care reform legislation and related tax changes. Specifically, we are going to take a detailed look at the required employer notice on health care coverage options. Beginning January 1, 2014, individuals and employees of small businesses will have access to affordable health care coverage through a new competitive private health insurance market called the Health Insurance Marketplace. Certain employers must pr

By Curt Brand — Ryun, Givens & Company Partner Today is our fifth installment on issues covering health care reform legislation and related tax changes. We are going to examine the new fee on health plans, which was established by the Patient Protection and Affordable Care Act, also known as PPACA. This fee is called the PCORI fee. Due to the length of information, we are not including a video portion this week. The Patient-Centered Outcomes Research Institute was establishe

Today is the third installment of issues covering health care reform legislation and related tax changes. The topic today is the employer mandate. Last week the Treasury Department announced that this key provision of health care reform will be delayed. The employer mandate, which was supposed to be effective beginning on January 1, 2014, will now be effective on January 1, 2015. However this delay does not change other provisions of the law including the new insurance excha