January 24, 2018
After a brief government shutdown, President Trump signed the Extension of Continuing Appropriations Act, 2018 (ECAA). The Act includes provisions that suspend or delay three health care related taxes imposed by the Affordable Care Act. The taxes that are affected include:
In addition to the tax implications, the Act extends the Children’s Health Insurance Program (CHIP) for an additional six years. The CHIP program provides coverage to children from families who earn too much to qualify for Medicaid, but not enough to afford quality private insurance. Without this extension, several states faced funding shortfalls for their CHIP programs.
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October 20, 2022
On October 18, 2022, the Internal Revenue Service (IRS) released Revenue Procedure 2022-38, which increases the health flexible spending account (FSA) salary reduction contribution limit to $3,050 for plan years beginning in 2023, an increase of $200 from 2022. Thus, for health FSAs with a carryover feature, the maximum carryover amount is $610 (20% of the $3,050 salary […]
August 14, 2018
The Affordable Care Act (ACA) requires insurers who plan on modifying plan premiums to submit their rates to either the state or federal government for review. This applies to plans included on state and federal healthcare insurance exchanges. The rate review process is designed to improve insurer accountability and transparency. It ensures experts are evaluating whether the proposed rate […]