Broker, Insurer Revenues Rise as Uninsured Rate and Wages Fall

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With tax day just one week away, many Americans are being reminded that 2014 was the first year they will have to pay a penalty for not having health insurance. The requirement to get health coverage is leading more and more people to sign up for health insurance and helping to reduce the rate of the uninsured. At the same time, these new customers are helping to bolster profits at the largest brokerages and insurance companies. The cost ...

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King v. Burwell arguments begin Wednesday

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The U.S. Supreme Court will begin hearing oral arguments in the King v. Burwell case on Wednesday, March 4. The case represents the most serious legal challenge to the Affordable Care Act (ACA) since the Court largely upheld the law in 2012. If the Court sides against the government, it has been estimated that more than 8 million people in 34 states (including Wisconsin) could lose their premium subsidies and go back to being uninsured.

In the case, four ...

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Getting to Know Form 1095-A

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If you enrolled in a Qualified Health Plan (QHP) through the public Health Insurance Marketplace last year, you may have recently received a new document from the Internal Revenue Service (IRS) called Form 1095-A. Form 1095-A is a tax form that is sent by the Marketplace to allow consumers to complete Form 8962, which they will use to calculate their premium tax credit and reconcile it with any advance payments of the premium tax credit they may have received.

If the ...

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SCOTUS Decision Looms Over 2015 Benefit Strategies

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On November 7, the U.S. Supreme Court agreed to hear another challenge to the Affordable Care Act. In 2012, the Court upheld the constitutionality of the law’s requirement that individuals obtain health insurance or pay a penalty and limited the Federal government’s ability to withhold funding for states that did not expand eligibility for Medicaid. This new case is perhaps not as significant as the 2012 case, but employers should still be aware of how its outcome could affect their ...

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Maximum Fine for Not Having Health Insurance

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In July 2014, the IRS released the maximum allowable fines for those that do not have health insurance and violate the individual mandate of the Affordable Care Act.  Individuals earning more than $19,650 without health insurance will be fined 1% of their annual income to a maximum of $2,448.  For those earning between $10,150 and $19,650, the fine will be $95. For those earning less than $10,150 there will be no penalty for failing to purchase health insurance.

These fines are ...

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