New Health Insurance Taxes

This was taken from something I received from Humana.


The health insurance tax
The Affordable Coverage Project, a coalition of business groups that includes the U.S. Chamber of Commerce and the National Association of Manufacturers, wants more lawmakers to throw their support behind a House bill that would delay the health insurance tax for two years. The reform law imposes this new tax – or fee – on health insurers beginning in 2014. “With the economy still struggling to recover, small businesses, middle-class families and public program enrollees are not in a position to bear the burden of this tax,” stated a coalition letter urging members of Congress to cosponsor the bipartisan bill.

Meantime, the Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations on the premium tax, and guidance on the timing and manner of health insurer filings. The final regulations and related guidance closely mirror the proposed rule issued on March 1. However, a few minor changes and clarifications were made, including moving up the deadline for insurers to submit their net premiums to the IRS (from May 1 to April 15). The IRS is to send preliminary fee calculations to health plans by June 15; health plans are to send error corrections by July 15; final fee calculations are to be sent to health plans by Aug. 31, and payments to the IRS are due Sept. 30.

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