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Tag: minimum essential coverage
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Difference Between Basic Insurance & Major Medical Insurance | PA Benefits Broker Services
www.livestrong.com By Jenni Wiltz Choosing a health care plan often comes down to cost, but don’t forget to compare the monthly premium with the amount of coverage you get. Major medical insurance is designed to cover you during everything from routine check-ups to major catastrophic events. Basic health insurance, by contrast, is a cash reimbursement…
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6 Reasons Single People May Need Life Insurance | PA Employee Benefits
www.lifehappens.org Many people make the assumption that life insurance is for married couples and those with kids. While it is true that not all single people need life insurance, there are a number of reasons when it can make (really) good sense. 1. You have student loan debt. Many people assume that your debt dies…
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IRS Provides Major Delay in 6055 and 6056 Reporting | PA Benefits Specialist
By Danielle Capilla Chief Compliance Officer at United Benefit Advisors Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance, while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service (IRS) to verify that (1) individuals have…
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IRS Notice on Minimum Essential Coverage Reporting | PA Employee Benefits
By Danielle Capilla Chief Compliance Officer at United Benefit Advisors Minimum essential coverage or “MEC” is the type of coverage that an individual must have under the Patient Protection and Affordable Care Act (ACA). Employers that are subject to the ACA’s shared responsibility provisions (often called play or pay) must offer MEC coverage that is…
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IRS Proposes Minimum Value Rule Change to Mesh IRS and HHS Rules | Duncansville Employee Benefits
Posted by Danielle Capilla Beginning in 2015, under the Patient Protection and Affordable Care Act (ACA), large employers must offer affordable, minimum value coverage to their full-time employees or potentially pay a penalty. Some companies have or had been marketing a plan that they state satisfies the minimum value requirement (an actuarial value of 60…
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