U.S. health reform introduces new reporting requirements
If News 3/2016 Personnel. The PPACA (Patient Protection and Affordable Care Act) reform requires all individuals living in the US to have a valid health insurance coverage, which is regarded as Minimum Essential Coverage (MEC).
This requirement is also valid for expatriates living in the United States. Coverage under a group health plan provided through insurance regulated by a foreign government is recognized as minimum essential coverage – with respect to an expatriate living in the United States, if the coverage provides health benefits within the United States. Sponsors (meaning the insurers) of these plans must provide a certificate to the individuals enrolled in these plans.
Existing insurance cover must be filed latest June 30th
To prove fulfilment of the requirements of having a MEC coverage, the IRS (Internal Revenue Service) requires a filing of the existing insurance cover. The deadline for this filing, when done electronically, has been postponed until June 30, 2016 (for taxation year 2015).
We advise you to make sure that necessary reporting has been taken care of and if not, do so no later than end of June in order to avoid any tax penalties for your expatriates in the US and/or their family members.
If is closely following the ACA implementation and practices. Below we have gathered some links that might be useful.
Electronic filing can be done by following this link:
Affordable Care Act Information Returns
For more information:
https://www.irs.gov/Affordable-Care-Act/Employers
Individual Responsibility Payment Available at:
Individual Shared Responsibility Provision
Reporting /Affordable Care Act Information Returns (AIR) Program
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