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Thu Jan 31, 2013, 05:28 PM

Fact Sheet on Proposed Affordable Care Act Regulations

Fact Sheet on Proposed Affordable Care Act Regulations

By: Anthony Reyes 1/30/2013

Below is a joint fact sheet from the Treasury and Health and Human Services Departments on two sets of proposed regulations released today that implement key provisions of the Affordable Care Act.

Fact Sheet: Individual Shared Responsibility for Health Insurance Coverage and Minimum Essential Coverage Proposed Rules

Under the Affordable Care Act, the Federal government, State governments, insurers, employers, and individuals are given shared responsibility to reform and improve the availability, quality, and affordability of health insurance coverage in the United States. Starting in 2014, the individual shared responsibility provision calls for each individual to have basic health insurance coverage (known as minimum essential coverage), qualify for an exemption, or make a shared responsibility payment when filing a federal income tax return. Individuals will not have to make a payment if coverage is unaffordable, if they spend less than three consecutive months without coverage, or if they qualify for an exemption for several other reasons, including hardship and religious beliefs.

Today, the Treasury Department and Internal Revenue Service (IRS), as well as the Centers for Medicare & Medicaid Services at the Department of Health and Human Services (HHS), issued two sets of proposed regulations. The regulations explain the shared responsibility provision and lay out the eligibility rules for receiving an exemption and the process by which individuals can receive certificates of exemption. Both agenciesí proposed regulations include rules that will ease implementation and help to ensure that the payment applies only to the limited group of taxpayers who choose to spend a substantial period of time without coverage despite having ready access to affordable coverage.

According to the Congressional Budget Office, less than two percent of Americans will owe a shared responsibility payment.

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HHS and IRS are seeking comments on these proposals. Comments on the Treasury proposed regulations are due by May 2, 2013, and a public hearing will be held May 29, 2013. Comments on the HHS proposed regulations are due by March 18, 2013.

To read the HHS rule, visit here.

To read the IRS rule, visit here.

For questions and answers on the Individual Shared Responsibility Provision, visit IRS.gov.

http://www.treasury.gov/connect/blog/Pages/Fact-Sheet-on-Proposed-Affordable-Care-Act-Regulations.aspx

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Arrow 6 replies Author Time Post
Reply Fact Sheet on Proposed Affordable Care Act Regulations (Original post)
ProSense Jan 2013 OP
discntnt_irny_srcsm Jan 2013 #1
ProSense Jan 2013 #2
discntnt_irny_srcsm Jan 2013 #4
ProSense Jan 2013 #5
hay rick Jan 2013 #3
amandabeech Jan 2013 #6

Response to ProSense (Original post)

Thu Jan 31, 2013, 05:29 PM

1. There's some links missing, I think. n/t

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Response to discntnt_irny_srcsm (Reply #1)

Thu Jan 31, 2013, 05:34 PM

2. They're at the original. n/t

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Response to ProSense (Reply #2)

Thu Jan 31, 2013, 05:48 PM

4. Thanks for this.

A valuable resource.

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Response to discntnt_irny_srcsm (Reply #4)

Thu Jan 31, 2013, 06:40 PM

5. You're welcome. n/t

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Response to ProSense (Original post)

Thu Jan 31, 2013, 07:32 PM

6. I went to the Kaiser Foundation website today to see how much I'll be expected

to pay for health insurance in 2014. I'll be 58, and I live in an expensive area.

If I make a penney over $46,000, I'll be asked to pay almost $1,000 per month for health care.

Now, I get health care in my state "sick" pool for $375.

I make over $46,000 in a normal year, but not enough to pay $1,000 a month for health care. I guess I'll have to try to come up with the money every other year unless my state offers a subsidy for older workers.

It's nice that more people will be able to get health care. It's too bad that I won't regularly be one of them.

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