2010 American Institute of CPAs What Does Health Care Reform Mean for You? Updated as of November 2010.

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Presentation transcript:

2010 American Institute of CPAs What Does Health Care Reform Mean for You? Updated as of November 2010

Today’s Presentation >New legislation and challenges >Importance of being prepared and informed >Overview of key provisions, rules and requirements, and what they mean to you >2010 to 2014 effective dates >Q&A American Institute of CPAs

2010 Health Care Reform Legislation >Patient Protection and Affordable Care Act >Health Care and Education Reconciliation Act of 2010 >Legislation’s impact − substantial and long term American Institute of CPAs

Provisions >National high-risk pool >Lifetime limits and serious illness >Pre-existing condition exclusion >Dependent care coverage >Medicare taxes >Itemized deduction threshold for unreimbursed medical expenses >Mandatory insurance coverage >Premium assistance credit >Adoption credit >Adoption assistance program exclusion >Health FSAs, HSAs, HRAs and Archer MSAs >Indoor tanning services American Institute of CPAs

National High-Risk Pool >Temporary high-risk pool and subsidized coverage for adults with pre-existing conditions available through 2013 >Pre-existing conditions no longer excluded beginning 2014 >Pool dissolves in American Institute of CPAs

Lifetime Limits and Serious Illness >No lifetime limits on coverage allowed >No policy cancellations for serious illness allowed >Effective: September 23, American Institute of CPAs

Pre-Existing Condition Exclusion >Plans may not exclude children due to pre-existing conditions >Effective: September 23, American Institute of CPAs

Dependent Care Coverage >Employer-provided accident or health plans >Reimbursements excluded from taxable income for dependents up to age 27 (effective March 30, 2010) >Continued coverage for adult child until age 26 (effective September 23, 2010) American Institute of CPAs

Medicare Taxes >0.9% increase depending on wages and filing status >2.35% Medicare tax rate >3.8% tax on investment income or modified adjusted gross income (MAGI) over the above limits depending on filing status >Effective: American Institute of CPAs

Itemized Deduction Threshold for Unreimbursed Medical Expenses >Increased itemized deduction threshold – 10% of adjusted gross income (AGI) >Age-based exception – remains at 7.5% if individual/individual’s spouse has turned 65 before close of tax year (to expire after 2016) >Effective: American Institute of CPAs

Mandatory Insurance Coverage >Individuals are required to have health insurance >Penalties for non-compliance based on fixed amount or percentage of income over filing thresholds >No criminal penalties, or IRS liens or seizures American Institute of CPAs

Mandatory Insurance Coverage Exceptions >Insurance cost exceeds 8% of income >Incarcerated individuals >Members of Native American Indian tribes >Individuals not legally present in US >Individuals claiming religious conscience exemption > Effective: American Institute of CPAs

Premium Assistance Credit >Refundable tax credit >Treasury payment directly to insurer >Income-based eligibility >Inflation adjustment >Effective: Years ending after December 31,

Adoption Credit >Maximum $13,170 credit per eligible child >Applies to both non-special-needs and special-needs adoptions >Refundable credit >Inflation adjustment for new dollar limit and credit phase-out >Effective: Caution: Credit reverts to $6,000 and available for special-needs children only after December 31, American Institute of CPAs

Adoption Assistance Program Exclusion >Maximum $13,170 per eligible child exclusion for employer-provided adoption assistance programs >Inflation adjustment for new dollar limit and income limitations of exclusion >Effective: Caution: Income exclusion goes away after American Institute of CPAs

Health FSAs, HSAs, HRAs and Archer MSAs >Increased penalty for non-health withdrawals from HSAs (10% ti 20%) and Archer MSAs (15% to 20%) (effective 2011) >No over-the-counter drug purchases from health FSAs, HSAs, HRAs or Archer MSAs (effective 2011) >Health FSA contribution limit of $2,500 (effective 2013) American Institute of CPAs

Indoor Tanning Services >10% excise tax >Tax collection at time of payment >Effective: July 1, American Institute of CPAs

The Road Ahead >A process not an event >New proposals, adjustments and other changes >Professional guidance > American Institute of CPAs