The landmark legislation known as the Patient Protection and Affordable Care Act (PPACA), signed into law in 2010, affects a wide range of institutions in the United States in some way. It imposes healthcare-related requirements on health plans, health insurers and employers.
In addition to imposing various tax increases to increase revenue, the PPACA uses a carrot and stick approach to ensure compliance with its provisions, offering tax credits for compliance and imposing tax penalties for non-compliance. This course will review the principal provisions of the law and will examine its tax impact on individuals and businesses.
Learning Objectives
Upon successful completion of the course, participants will be able to:
Chapter 1
Identify the rules applicable to -
úgrandfathered health plans,
úthe use of pre-existing condition exclusions, and
úannual and lifetime benefit limits;
List the conditions that would permit an insurer to rescind health insurance coverage and the applicable notice requirements; and
Recognize the requirements imposed by healthcare reform legislation with respect to -
úpatient protection provisions, and
údependent coverage to young adults.
Chapter 2
Identify the changes made by the PPACA related to -
úthe treatment of costs for over-the-counter drugs and medical expense FSA contributions,
úthe tax penalty for nonqualified Archer MSA and HSA distributions,
úmedical expense deductions,
úthe additional taxation on the earnings of high-income taxpayers,
úthe additional tax on high-income taxpayers' net investment income, and
úthe additional tax on estate's and non-grantor trust's undistributed net investment income; and
Calculate the amount of the premium assistance tax credit available to taxpayers whose household income is less than 400% of the federal poverty line.
Chapter 3
Identify the -
úW-2 reporting requirements imposed on employers providing employer-sponsored health coverage, and
útransition relief provided applicable to W-2 reporting;
Define 'full-time employee" and 'full-time equivalent employee" for purposes of employer tax credits and penalties under the PPACA;
Recognize the -
úrules that apply to a small employer's eligibility for a health insurance premium credit, and
únature of a 'qualifying arrangement" under which an employer pays premiums for employee health insurance coverage;
Identify the types of coverage that meet the PPACA definition of health insurance coverage for purposes of the small employer health insurance premium credit;
Apply the various limitations that may reduce the amount of health insurance premium credit available to an otherwise eligible small employer;
Calculate the potential penalties applicable to large employers under the PPACA; and
Identify the -
útransition relief available to applicable large employers, and
úannual return and notification requirements imposed by the PPACA on applicable large employers.
Major Topics
PPACA Provisions
Personal Tax Changes
Employer Tax Changes
