Page 12 - Northbridge Companies 2018 OE Guide_Fomatting corrections (002)HLD

Health Care Reform & You

Health Reform Update 2018
Does Northbridge Companies’ health
The health care reform law, officially known as the Patient Protection insurance make the grade?
and Affordable Care Act (PPACA) is intended to expand access to Under health care reform law, employer health
affordable, quality health care for Americans. plans must meet the following requirements.

Here’s some things you should know:
 Minimum Essential Coverage
The Individual Mandate: This mandate requires Americans to have To satisfy the individual mandate require-
“minimum essential coverage”. Coverage under the Northbridge ment, health plans must include “minimum
Companies medical plan will satisfy this requirement. Other types of essential coverage” as defined by PPACA.
coverage that meet the individual mandate include plans provided by ABC Company’s medical plans meet this re-
another employer, Medicare, Medicaid or individual health insurance. quirement.

Tax Penalty: If you don’t have health insurance, you’ll have to pay a
tax penalty of $695 per individual, $2,085 per family, or 2.5 percent of  Minimum Actuarial Value
income in 2018. PPACA requires a certain percentage of total
health costs to be paid by the plan. ABC Com-
The Exchange Marketplace: These Marketplaces allow individuals pany’s medical plans meet the required
to shop for and purchase individual health coverage online. Learn “minimum actuarial value”.
more at www.healthcare.gov.
 Affordable
Health Care Tax Forms: Because of the health care law, you will re-
ceive forms with information about the health coverage you had or The employee-only cost for an employer’s
base medical plan offering cannot exceed
were offered in 2017. The information below is intended to help 9.56 percent of an employee’s salary.
individuals understand these new forms, including who should expect Northbridge Companies’ base plan H.S.A.
to receive them and what to do with them.
PPO $1,500/ Bronze Plan meets this
Health care tax forms in 2018 to help you complete your tax requirement.
return

Starting in early 2018, you may receive one or more forms providing
information about the health care coverage that you had or were What does this mean for you?
offered during the previous year. Much like Form W-2 and Form 1099,
which include information about the income you received, these Northbridge Companies’ health insurance plans
health care forms provide information that you may need when you meet all of the legal requirements of PPACA.
file your individual income tax return. Also, like Forms W-2 and 1099, Because Northbridge Companies offers affordable
these new forms will be provided to the IRS by the entity that provides and comprehensive coverage options, most em-
the form to you. Here’s some things you should know: ployees will not qualify for a subsidy through the Mar-
 Form 1095-B, Health Coverage. Health insurance providers ketplace and one of the Northbridge Companies
(for example, health insurance companies) send this form to medical plans will likely be your best option for
individuals they cover, with information about who was health insurance.
covered and when.
 Form 1095-C, Employer-Provided Health Insurance Offer and
Coverage. Certain employers send this form to certain
employees, with information about what coverage the em- Questions?
ployer offered. If you have questions, contact
When will I receive these health care tax forms? Human Resource at
The deadline for the Marketplace and insurer to provide Form 1095-A HumanResources@Northbridgecos.com
and 1095-C is January 31, 2018.
or visit www.healthcare.gov.
Must I wait to file until I receive these forms?

Yes, you should wait to file your 2017 income tax return until you
receive the form.

12