Taxes  |  Format: Flash

Healthcare Reform: The Affordable Care Act Tax Provisions (Updated - 3)

Course Overview:
The landmark legislation known as the Patient Protection and Affordable Care Act (PPACA), signed into law in 2010, is likely to affect virtually every person and institution in the United States in some way. It imposes healthcare-related requirements on health plans, health insurers, employers and individuals.

In addition to imposing various tax increases to increase revenue, the PPACA uses a carrot and stick approach to ensure compliance with its provisions, offering tax credits for compliance and imposing tax penalties for non-compliance. This course will review the principal provisions of the law and will examine its tax impact on individuals and businesses.

In so doing, it 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,
  • The general requirement for universal health care coverage, and
  • The requirement that plans covering children extend child coverage until age 26;

  • Tax credits available to small businesses to encourage them to sponsor employee health plans;
  • Shared responsibility for certain large employers to provide employee health coverage and the tax penalties imposed for noncompliance;
  • Various personal income tax changes affecting taxpayers; and
  • Tax credits and tax penalties authorized to help enforce the PPACA requirement that individuals maintain minimum essential coverage.

    Learning Objectives:
    Upon completion of this course, participants should be able to:

  • Select the principal healthcare provisions of the PPACA;
  • Identify the tax credits for which small businesses may be eligible when sponsoring employee health plans;
  • Recognize the shared responsibility requirements for applicable employers regarding employee health coverage;
  • Compute the tax penalties imposed under the PPACA for an employer�s failure to meet the applicable shared responsibility requirements; and
  • Calculate the tax credits and tax penalties designed to help ensure that individuals meet the requirement to maintain minimum essential coverage.

    Catalog Number: 99WIN04-v4
    CPE Credits: 4 Registry / 4 QAS
    Author: Paul J. Winn CLU ChFC
    Advanced Preparation:
    Course Level: Basic
    Field of Study: Taxes
    Content Partner: SmartPros Ltd.
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Windows or Mac OS
    Release/Expiration Dates: Oct 23, 2019 / Oct 23, 2021