how to determine and report health insurance meets new requirements?

[Pico Rico]

Well, the subject line says it all. How does a taxpayer determine if his
insurance plan meets the minimum level the government now insists on,
regardless of your own personal preferences? How will this be reported to
the IRS? How will it be verified by the IRS?

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[Mark Bole]

On 2013-05-13 07:47, Pico Rico wrote:
> Well, the subject line says it all. How does a taxpayer determine if his
> insurance plan meets the minimum level the government now insists on,
> regardless of your own personal preferences? How will this be reported to
> the IRS? How will it be verified by the IRS?
>

Some of the answers you seek are probably not available in final form yet.

Here is what The TaxBook (professional reference) says:


"Minimum essential coverage includes government-
sponsored programs, eligible employer-sponsored
plans, plans in the individual market, grandfathered
group health plans, and other coverage as recognized
by the Secretary of Health and Human Services (HHS),
in coordination with the Secretary of the Treasury."

It excludes the same things that HIPAA excludes. I'd say it's a pretty
safe bet that insurance acquired through the exchanges will be
qualifying coverage.

Massachusetts has a Schedule HC that is part of the annual tax return,
so it's a good guess that the IRS will develop a similar form.

You can get a lot more info at healthcare.gov web site. The final
versions (3) of the following form is already available:

"Application for Health Coverage & Help Paying Costs"

it can be filled either paper-based or online (although I don't think
they are accepting filings yet).

--

Mark Bole, EA
Enrolled Agents - America's Tax Experts
http://markboletax.com

[Barry Margolin]

In article <kmqvi0$324$1...@dont-email.me>, Mark Bole <ma...@pacbell.net>
wrote:

> Massachusetts has a Schedule HC that is part of the annual tax return,
> so it's a good guess that the IRS will develop a similar form.

MA also requires health insurers to send the policy holder a statement
that their coverage meets the requirements. I'll bet there will be
something similar as well.

--
Barry Margolin
Arlington, MA

[tb]

On 5/12/2013 at 6:47:42 PM Pico Rico wrote:

> Well, the subject line says it all. How does a taxpayer determine if
> his insurance plan meets the minimum level the government now insists
> on, regardless of your own personal preferences? How will this be
> reported to the IRS? How will it be verified by the IRS?

I too have some questions about the new health insurance law but they
don't strictly pertain to taxes so I won't post them here.

Is there a Usenet group or online forum where I could post my questions?

<http://www.healthcare.gov/> does not seem to have a forum...

--
tb

[Retired]

On 5/13/13 4:07 PM, tb wrote:
> On 5/12/2013 at 6:47:42 PM Pico Rico wrote:
>
>> Well, the subject line says it all. How does a taxpayer determine if
>> his insurance plan meets the minimum level the government now insists
>> on, regardless of your own personal preferences? How will this be
>> reported to the IRS? How will it be verified by the IRS?
>
> I too have some questions about the new health insurance law but they
> don't strictly pertain to taxes so I won't post them here.
>
> Is there a Usenet group or online forum where I could post my questions?
>
> <http://www.healthcare.gov/> does not seem to have a forum...

You could try this forum, but there hasn't been much yet on the new
"Obamacare" laws.

http://www.city-data.com/forum/health-insurance/

[D.F. Manno]

In article <kmqm8b$3hh$1...@news.mixmin.net>,

"Pico Rico" <Pico...@nonospam.com> wrote:

> Well, the subject line says it all. How does a taxpayer determine if his
> insurance plan meets the minimum level the government now insists on,
> regardless of your own personal preferences? How will this be reported to
> the IRS? How will it be verified by the IRS?

They might follow the model of the Medicare drug coverage rules.
Retirees covered by a drug plan are informed by their current plan
whether it meets the minimum requirements allowing them to waive
Medicare coverage.

--
D.F. Manno | dfm...@mail.com
GOP delenda est!