Wednesday, December 21, 2016

The Facts on Obamacare

The Affordable Care Act, also known as Obamacare, can be pretty overwhelming. And the vast amount of new rules and regulations mean that just about everyone in the US has been affected by it.

Regardless of what happens in the future, Obamacare is still the law of the land, so make sure to keep these facts in mind to stay ACA compliant:

All American Taxpayers Must Get Health Insurance
The individual mandate and employer shared responsibility mandate lay out the rules for how everyone is required to obtain medical insurance that meets minimum essential coverage and how certain applicable large employers (those with 50 or more full-time employees) are now required to provide it to their full-time employees. This minimum essential coverage must also meet a certain minimum value, which is determined based on the federal poverty line each year.

Where You Can Get MEC
In addition to the coverage provided by employers (which is required to meet MEC), the ACA has ensured individuals can find insurance that meets minimum essential coverage through:

When You Can Enroll
Barring a job change or other major life change (like moving or getting married), you can only purchase qualifying coverage during open enrollment. Other exceptions to the open enrollment period are Medicaid and CHIP, which you can enroll in based on your income at any point during the year.

The Obamacare Forms
In order to prove coverage was obtained, providers of the insurance must report to the IRS and their employees (or coverage recipients) details of the coverage offered on Forms 1094-B and 1095-B or Forms 1094-C and 1095-C.

And that’s something ExpressACAForms can help with! We help you e-file your ACA Forms with the IRS securely, easily, and quickly. And we can also mail your forms to your recipients for you! Check out our site or give us a call for more information on completing your 2016 ACA return.

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