Today’s growing and advanced health care industry is a fast-paced environment where regulatory issues, competition, and rapidly changing consumer expectations converge. Managing risks and realizing opportunities becomes a more important focus as health care organizations decide how they will adapt and evolve their business models for long-term survival.
Ensuring today’s actions will lead to achieving long-term goals can be a major challenge for anyone. Many health care organizations are unable to address the issues at hand and consider the “big picture” because they are overwhelmed with urgent matters and patient care. Our firm’s National Health Care Practice has significant experience serving health care clients. We bring an understanding of the industry together with innovative solutions that have a positive impact on bottom line. We understand the challenges facing health care providers and facilities.
Significant regulatory concerns facing the health care industry include:
Other major issues include:
Revenue Procedure 2018-27 provides relief for those with family coverage under high deductible health plans (HDHP) in regards to the annual deductible contributions limit for 2018 health savings accounts (HSA) under Internal Revenue Service Code section 223. The maximum coverage was initially issued as $6,900 on May 4, 2017. On March 2, 2018 the limit was reduced to $6,850 after tax reform changed the calculation for 2018 and future years.
In a recent announcement, the IRS indicated that it will begin sending notices to employers that have failed to comply with the employer responsibilities related to the Affordable Care Act (ACA). For the 2015 calendar year, the IRS plans to issue Letter 226J informing applicable large employers of their potential liability for an employer shared responsibility payment (ESRP), if any, in late 2017.
As part of the Affordable Care Act (ACA), one of the many excise taxes imposed by this act is again quickly approaching. The Patient-Centered Outcomes Research Institute (PCORI) fee is an excise tax imposed on health insurance issuers and plan sponsors of self-insured health plans effective for plan years ending on or after Oct. 1, 2012.
The Affordable Care Act (“ACA”), otherwise known as Obamacare, has been in the headlines lately as Republicans work to replace the ACA or otherwise repeal it entirely. In recent days, efforts to replace the law have fallen through as certain Republican senators have pledged to oppose it. The debates surrounding the ACA have also brought the Net Investment Income Tax (“NIIT”) into the spotlight.
On May 4, the House of Representatives passed the American Health Care Act (AHCA) by a vote of 217 to 213. However, instead of promptly sending the bill to the Senate, the House instead waited for the Congressional Budget Office's (CBO) analysis. The CBO, along with the Joint Committee on Taxation (JCT) issued its report on May 24.