Category: Healthcare

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Healthcare Helpful Articles Tax

Proposed Changes to the Affordable Care Act

The IRS has proposed changes to the Affordable Care Act’s family coverage and affordability rules. In a nutshell, the proposed regs would change how to determine the affordability of employer-sponsored coverage for an employee’s family.

More specifically, the affordability of family coverage would be based on the employee’s share of the cost of covering the family, not the cost of employee-only coverage. Employer-sponsored family coverage is considered affordable only if the employee’s portion of the annual premium for family coverage doesn’t exceed 9.5% of household income.

The regs would also add a minimum-value rule for family coverage based on the benefits provided to family members. Keep up-to-date on the latest tax information by visiting our news page. 

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General Healthcare News

Supreme Court Blocks Vaccine-or-Testing Mandate for Large Employers

On Thursday, January 13, the U.S. Supreme Court blocked efforts by the Biden Administration to put a vaccine-or-testing mandate in place for large employers in a 6-3 vote. The mandate would have required proof of vaccination or weekly COVID testing for businesses that employ at least 100 individuals.

While a vaccine-or-testing mandate will not go into effect for general employers, employees of healthcare facilities that receive money through the Medicare and Medicaid programs must be vaccinated against COVID-19 by the end of February 2022, as decided in a 5-4 ruling.

For more details about the Supreme Court’s ruling on the vaccine-or-testing mandate, visit https://www.reuters.com/world/us/us-supreme-court-blocks-biden-vaccine-or-test-policy-large-businesses-2022-01-13/.

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Healthcare Helpful Articles

HHS Announces $25.5 Billion in Funding Available For Healthcare Providers

On September 10, 2021, the Department of Health and Human Services (HHS) announced $25.5 billion of additional funding will become available for healthcare providers affected by the COVID-19 pandemic. The funding is split between two funds: the American Rescue Plan (ARP) and the Provider Relief Fund Phase 4 (PRF). $8.5 billion from the ARP will be available for providers that serve Medicaid, Children’s Health Insurance Program (CHIP), and Medicaid patients in rural areas. The PRF will provide the other $17 billion available for a wide range of providers that can provide evidence of revenue losses due to the pandemic between July 1, 2020 and March 31, 2021. Providers with a smaller number of patients and providers that serve Medicaid, CHIP, and Medicare patients are eligible for bonus payments. 

Here are the highlights:

  • Healthcare providers can apply for $25.5 billion in relief funds starting September 29, 2021.
  • Phase 4 payments will be based on providers’ lost revenues and expenditures between July 1, 2020, and March 31, 2021.
  • Phase 4 payments will reimburse smaller providers at a higher rate than larger providers and include bonus payments for providers who serve Medicaid, CHIP, and/or Medicare patients, who tend to be lower income and have greater and more complex medical needs.
  • Providers can apply for both the PRF and ARP programs in one application.

For more information, read the press release from the Department of Health and Human Services: https://www.hhs.gov/about/news/2021/09/10/hhs-announces-the-availability-of-25-point-5-billion-in-covid-19-provider-funding.html 

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Healthcare

Sick and Family Leave Tax Credit

Are you self-employed and a survivor of COVID-19? If so, you may be able to claim a sick and family leave tax credit under the Families First Coronavirus Response Act. The law allows certain self-employed individuals, who due to COVID-19 were unable to work or telework for reasons related to their health, to claim the refundable credit to offset their federal income tax.

The credit also applies to those unable to work or telework due to caring for a child with COVID-19. To claim the credit (up to $5,110) for 2020, the leave must have been taken between April 1, 2020, and Dec. 31, 2020. We’ll help determine your eligibility and file a form to claim the credit when we prepare your return. Contact your ATA representative for more information.