UHY LLP News Alert - PPACA Risk Management Fee

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PPACA Risk Management Fee

Health care costs could once again be on the rise for your next renewal period. Under Part 5, Section 1341 of the Patient Protection and Affordable Care Act ("PPACA"), U.S. companies offering health insurance benefits may be required to pay an estimated $63 per covered individual beginning in 2014. This three year fee is actually levied on health care insurers and will be used to create a fund intended to stabilize the health insurance marketplace and lessen any consumer cost increases as the Affordable Care Act becomes law.

The Act calls for the Centers for Medicare and Medicaid Services (CMS) to collect $12 billion in reinsurance fees from participating insurance payers in 2014, $8 billion in 2015 and $5 billion in 2016. The program is also required to contribute $2 billion to the U.S. Treasury in 2014, $2 billion in 2015 and $1 billion in 2016 which is expected to cover costs related to early retirees.

As mentioned before, the fees will be in effect for three years but will be reduced each year, ending at an estimated $40 per covered employee in 2016. The additional revenue will be collected through higher insurance premiums on insured plans and through additional fees or taxes on self-insured plans.

If you have any questions related to this article or some of the other provisions of the Patient Protections and Affordable Care Act please contact your professional at UHY LLP in Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040 or visit us on the Web at uhy-us.com.

Special Announcements

Experienced Recruiting Update

UHY Michigan is actively looking for experienced candidates to fill key positions in our Farmington Hills and Sterling Heights Offices. Please review the openings below and if you know someone who may be interested in any of these roles please reach out to Rina (Madias) Henning, Recruiting Manager, via email rhenning@uhy-us.com or phone 248 204 9331.

Sterling Heights

Tax Managers

Audit Seniors (2-5 years experience)

Farmington Hills

IT Audit and Compliance Senior (5+ years Audit and IT controls combined)

Published by UHY LLP News.

Our firm provides the information in this newsletter as tax information and general business or economic information or analysis for educational purposes, and none of the information contained herein is intended to serve as a solicitation of any service or product. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY Advisors and/or UHY LLP (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.