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Year End Compliance Penalties Increased for 1095-c. On June 29, 2015, President Obama signed into law the Trade Preferences Extension Act of 2015, H.R. 1295. Congress included provisions as needed "revenue offsets" to the excess cost impacts of the bill. Sec 806 impacted the ACA:
(a.) penalties for incorrect or incomplete, tardy or missing 1095-c forms for 2015 and filed in 2016, have increased, from $100 per form and $1.5 million annual limit per employer, to $250 per form and $3.0 million annual limit per employer. All partial penalty abatements for corrections made after a form's initial submission have been similarly increased.
(b.) the safe harbor for good faith efforts to comply which were to be applied for incorrect or incomplete, tardy or missing forms now no longer applies to tardy or missing forms. Failure to file these forms on-time with the IRS is now no longer subject to any exceptions for good faith efforts to comply. Forms are due to the IRS, if on paper, by February 29, 2016, or if by XML file upload, by March 31, 2016 -- NO EXCEPTIONS.
Medical Device Tax. Modern Healthcare (7/10) reports that Democratic lawmakers "are questioning whether they should heed constituent concerns or remain loyal to their party as they decide the fate of the medical device tax" outlined in the ACA. Constituents argue the tax stifles innovation and kills jobs, while "Democratic strategists" say repealing the levy would eliminate a key source of funding for the ACA and help Republicans dismantle the law. Modern Healthcare adds that in June, "46 House Democrats crossed party lines to vote on a bill to end the tax."
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Health Care Marketplace
Wellness Programs Save $. In a letter to the editor of the Dallas Morning News (7/10), Janet Trautwein, executive vice president and CEO of the National Association of Health Underwriters, writes in response to a June 26 news column Trautwein writes, "Research shows that wellness programs can significantly reduce weight and smoking rates and increase exercise." She adds that "every $1 spent on wellness programs can result in at least $3 in savings."
Aetna-Humana Deal: "Complex" Antitrust Review. Modern Healthcare (7/10) reports that the antitrust review of Aetna's $37 billion acquisition of Humana "will likely be a complex one given the size and reach" of the two companies, experts say. Aetna CEO Mark Bertolini says the insurer has already discussed possible divestitures, saying, "We took a conservative view of what we thought we would need to divest." The article adds that the American Hospital Association "is among those calling for antitrust attention focused on the deal," arguing the merger could lead to higher prices and narrower networks.
Sources: Anthem, Cigna Moving Forward. Reuters (7/10) reports that Anthem Inc and Cigna Corp are moving forward on a merger deal, CNBC tweeted, citing sources that also said UnitedHealth may bid for Cigna. Reuters notes Anthem had made several offers for Cigna, but the deal was stalled due to differences over governance issues.
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Healthy Living!
It takes 20 minutes for your brain to register that you are full.
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*Nothing contained in Healthy Living should be considered, or used as a substitute for, medical advice, diagnosis or treatment. Healthy Living is provided to highlight lifestyle choices that may affect persons' daily lives. Healthy Living does not constitute the practice of any medical, nursing or other professional health care advice, diagnosis or treatment. We advise you to always seek the advice of a physician or other qualified health care provider with any questions regarding personal health or medical conditions. Never disregard, avoid or delay in obtaining medical advice
David M Banet & Associates, Inc.
45 Dowlin Forge Road · Exton, PA 19341
Phone: 610.644.9220 * Fax: 610.644.9277 * Email: info@dmbanet.com
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