By changing many of the rules traditionally applicable to health insurance and imposing healthcare-related requirements on virtually every individual, the Patient Protection and Affordable Care Act (PPACA) is likely to affect virtually every person in the United States in some way.
The Patient Protection and Affordable Care Act (PPACA) imposes various tax increases in order to generate revenue and uses a carrot and stick approach to ensure individuals comply with its provisions by offering tax credits for compliance and, until 2019, by imposing tax penalties for non-compliance. This course will review the principal provisions of the law affecting individuals and will consider the:
- Coverage-related provisions of the PPACA addressing –
- Plan grandfathering pursuant to which health coverage in force at the time of the law's passage may be continued,
- The prohibition of pre-existing condition exclusions,
- The proscription of lifetime and annual benefit limits,
- The limitation of health coverage rescissions,
- The requirement for certain patient protections, and
- The requirement that plans covering children extend child coverage until age 26;
- Various personal income tax changes affecting taxpayers; and
- Tax credits authorized under the law to assist taxpayers by helping them purchase and maintain health insurance coverage.
Course Publication Date:
February 12, 2024
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership!
| Author: | Paul Winn |
| Course No: | TAX-ACAIN-3024 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
|
|
|
|
Learning Objectives
- Identify the rules applicable to grandfathered health plans.
- Identify the rules applicable to the use of pre-existing condition exclusions.
- Identify the rules applicable to annual and lifetime benefit limits.
- List the conditions that would permit an insurer to rescind health insurance coverage.
- Recognize the requirements imposed by healthcare reform legislation with respect to patient protection provisions.
- Recognize the requirements imposed by healthcare reform legislation with respect to the individual’s requirement to maintain minimum essential coverage.
- Recognize the requirements imposed by healthcare reform legislation with respect to dependent coverage for young adults.
- Identify the changes made by the PPACA related to the treatment of costs for over-the-counter drugs and medical expense FSA contributions.
- Identify the changes made by the PPACA related to the tax penalty for nonqualified Archer MSA and HSA distributions.
- Identify the changes made by the PPACA related to medical expense deductions.
- Identify the changes made by the PPACA related to the additional taxation on the earnings of high-income taxpayers.
- Identify the changes made by the PPACA related to the additional tax on high-income taxpayers’ net investment income.
- Identify the changes made by the PPACA related to the additional tax on estate’s and non-grantor trust’s undistributed net investment income.
- Calculate the amount of the premium assistance tax credit available to taxpayers whose household income is less than 400.