IRS Minimum Essential Coverage (MEC) is important information to keep in mind, especially when you are filing your taxes. Good Neighbor Insurance provides Arizona as well as international travel medical insurance. One of our most favorite Arizona medical insurance here in Maricopa county is our Blue Cross Blue Shield plans which you may view here at https://www.gninsurance.com/individual-and-family-health-coverage/. Here are some things to know about how Minimum Essential Coverage reporting will be implemented by the Internal Revenue Service.
Minimum Essential Coverage (MEC), by definition is the type of coverage an individual needs to have in order to meet the individual responsibility requirement under the Affordable Care Act. This includes individual market policies, job-based coverage, Medicare, Medicaid, CHIP, TRICARE and certain other coverage.
MEC reporting is now required to help the Internal Revenue Service (IRS) administer compliance with the individual mandate. All insurers and self-funded group plan sponsors must now begin reporting on the individuals covered under their insured health plans, starting with coverage in 2015.
While these reporting requirements do not begin until 2016 for the 2015 year, certain components of the law require actions this year.
As Social Security Numbers (SSNs) and Tax Identification Numbers (TINs) are the main individual identifying data used by the IRS, reporting entities are required to make “reasonable attempts” to obtain this sensitive data from those individuals’ whose SSNs/TINs they don’t have on file.
“Reasonable attempts” is defined as three attempts to obtain the SSN/TIN, and may include electronic, paper and telephone. These attempts must be made by specific dates, starting this year.
The outreach is only to each employee or subscriber and their dependents whose SSN/TIN the reporting entities don’t have, starting with those enrolling/enrolled in 2015 coverage.
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Good Neighbor’s team of qualified and licensed professionals are always here to help you with your questions and needs. We strive to help our clients find good, cost-effective health, travel, and life insurance while providing caring service with integrity. Please call us at 480-813-9100 or email us at email@example.com.