CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Affordable Care Act: Individual Rights & Responsibilities

Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
2 Credits: Taxes

Course Description

By changing many of the rules traditionally applicable to health insurance and imposing healthcare-related requirements on virtually every individual, the Patient Protection and Affordable Care Act (PPACA) is likely to affect virtually every person in the United States in some way.

The Patient Protection and Affordable Care Act (PPACA) imposes various tax increases in order to generate revenue and uses a carrot and stick approach to ensure compliance with its provisions by offering tax credits for compliance and, until 2019, by imposing tax penalties for non-compliance. This course will review the principal provisions of the law affecting individuals and will consider the:

  • Coverage-related provisions of the PPACA addressing –
    • Plan grandfathering pursuant to which health coverage in force at the time of the law’s passage may be continued,
    • The prohibition of pre-existing condition exclusions,
    • The proscription of lifetime and annual benefit limits,
    • The limitation of health coverage rescissions,
    • The requirement for certain patient protections,
    • The general requirement for universal health care coverage, and
    • The requirement that plans covering children extend child coverage until age 26;
  • Various personal income tax changes affecting taxpayers; and
  • Tax credits authorized under the law to assist taxpayers by helping them purchase and maintain health insurance coverage.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the rules applicable to –
    • Grandfathered health plans,
    • The use of pre-existing condition exclusions, and
    • Annual and lifetime benefit limits;
  • List the conditions that would permit an insurer to rescind health insurance coverage; and
  • Recognize the requirements imposed by healthcare reform legislation with respect to –
    • Patient protection provisions,
    • The individual’s requirement to maintain minimum essential coverage, and
    • Dependent coverage for young adults.

Chapter 2

  • Identify the changes made by the PPACA related to –
    • The treatment of costs for over-the-counter drugs and medical expense FSA contributions,
    • The tax penalty for nonqualified Archer MSA and HSA distributions,
    • Medical expense deductions,
    • The additional taxation on the earnings of high-income taxpayers,
    • The additional tax on high-income taxpayers’ net investment income, and
    • The additional tax on estate’s and non-grantor trust’s undistributed net investment income; and
  • Calculate the amount of the premium assistance tax credit available to taxpayers whose household income is less than 400% of the federal poverty line.

Course Specifics

Course ID
8202698
Revision Date
June 12, 2020
Number of Pages
55
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01572-20-S
IRS Federal Tax Update Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1468
CTEC Federal Tax Update Credits: 2

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Affordable Care Act: Individual Rights & Responsibilities

Expert Instructors
Format
CPE CREDITS
2 Credits: Taxes

$58.00$78.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
2 Credits: Taxes

Course Description

By changing many of the rules traditionally applicable to health insurance and imposing healthcare-related requirements on virtually every individual, the Patient Protection and Affordable Care Act (PPACA) is likely to affect virtually every person in the United States in some way.

The Patient Protection and Affordable Care Act (PPACA) imposes various tax increases in order to generate revenue and uses a carrot and stick approach to ensure compliance with its provisions by offering tax credits for compliance and, until 2019, by imposing tax penalties for non-compliance. This course will review the principal provisions of the law affecting individuals and will consider the:

  • Coverage-related provisions of the PPACA addressing –
    • Plan grandfathering pursuant to which health coverage in force at the time of the law’s passage may be continued,
    • The prohibition of pre-existing condition exclusions,
    • The proscription of lifetime and annual benefit limits,
    • The limitation of health coverage rescissions,
    • The requirement for certain patient protections,
    • The general requirement for universal health care coverage, and
    • The requirement that plans covering children extend child coverage until age 26;
  • Various personal income tax changes affecting taxpayers; and
  • Tax credits authorized under the law to assist taxpayers by helping them purchase and maintain health insurance coverage.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the rules applicable to –
    • Grandfathered health plans,
    • The use of pre-existing condition exclusions, and
    • Annual and lifetime benefit limits;
  • List the conditions that would permit an insurer to rescind health insurance coverage; and
  • Recognize the requirements imposed by healthcare reform legislation with respect to –
    • Patient protection provisions,
    • The individual’s requirement to maintain minimum essential coverage, and
    • Dependent coverage for young adults.

Chapter 2

  • Identify the changes made by the PPACA related to –
    • The treatment of costs for over-the-counter drugs and medical expense FSA contributions,
    • The tax penalty for nonqualified Archer MSA and HSA distributions,
    • Medical expense deductions,
    • The additional taxation on the earnings of high-income taxpayers,
    • The additional tax on high-income taxpayers’ net investment income, and
    • The additional tax on estate’s and non-grantor trust’s undistributed net investment income; and
  • Calculate the amount of the premium assistance tax credit available to taxpayers whose household income is less than 400% of the federal poverty line.

Course Specifics

Course ID
8202698
Revision Date
June 12, 2020
Number of Pages
55
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01572-20-S
IRS Federal Tax Update Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1468
CTEC Federal Tax Update Credits: 2

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Affordable Care Act: Individual Rights & Responsibilities

Expert Instructors
Format
CPE CREDITS
2 Credits: Taxes

$58.00$78.00

Clear