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  • IRS Releases Proposed Regulations For Health Insurance Provider Fees

Articles

IRS Releases Proposed Regulations For Health Insurance Provider Fees

January 4, 2017 Robert Sheen Affordable Care Act, Regulations, Reporting
IRS Releases Proposed Regulations For Health Insurance Provider Fees

Section 9010 of the Affordable Care Act surrounds Health Insurance Provider Fees and the IRS has released some new proposed regulations for reporting information among other changes. See IRS REG-123829-16 and REG–134438–15. The changes include those reflected upon covered organizations netting more than $25 million in premiums written following December 31, 2017.

For these and other covered entities, a filing of Form 8963 (Report Of Health Insurance Provider Information) is required with a mandate to electronic filing of the form for those with over $25 million in net premiums written. This includes corrected forms as well. Those with less than $25 million in net premiums written are not required to file electronically. Should the mandated electronic filings not occur, they will be regarded as a “no file” of Form 8963 by the applicable entity.

Further, the IRS’s proposed regulations, which apply to any fee due on or after September 30, 2018, add specific language to the definition of “net premiums written” to clarify that net premiums written include risk adjustment payments received and are reduced for risk adjustment charges paid.

If a covered entity did not include risk adjustment payments received as direct premiums written on its Supplemental Health Care Exhibit (SHCE) or did not file an SHCE, these amounts are still part of net premiums written and must be reported as such on Form 8963. For this purpose, risk adjustment payments received and charges paid are computed on an accrual basis.

These proposed regulations prove once again that the IRS moving into 2017 is particularly focused on correct form filing and clarity of terms and definitions as they pertain to healthcare.

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IRS Releases Proposed Regulations For Health Insurance Provider Fees
Article Name
IRS Releases Proposed Regulations For Health Insurance Provider Fees
Description
The IRS has been issuing several new proposed regulations surrounding a number of procedures involving information reporting.
Author
Robert Sheen
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The ACA Times
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The ACA Times
Short URL of this page: https://acatimes.com/myi
Robert Sheen

Robert Sheen

Robert Sheen, Esq., is editor-in-chief of The ACA Times. He also is founder, president and CEO of Trusaic.

Robert Sheen is Founder and President of Trusaic, Inc. Robert is a graduate of the University of Southern California, in Business Administration with an emphasis in International Finance. He earned his Juris Doctor from Loyola Law School, Los Angeles, concentrating in Tax Law.

View more by Robert Sheen

Related tags to article

Affordable Care ActForm 8963Health Care CoverageHealth Insurance Provider FeesIRSRegulationsReportingSection 9010Supplemental Health Care Exhibit (SHCE)
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