Affordable Care Tax: Individual Rights & Responsibilities

  • Credits: 3
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Paul J. Winn CLU, ChFC
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01682-21-S | 6233-CE-0410 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© April 2021 General Understanding of Taxes Self-Study eBook
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 to generate revenue and uses a carrot and stick approach to ensure individuals comply 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:

Topics include:

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 a lifetime and annual benefit limits,
  • The limitation of health coverage rescissions,
  • The requirement for certain patient protections, and
  • The requirement that plans to cover children extend child coverage until age 26;
  • Various personal income tax changes affecting taxpayers; and
  • Tax credits are authorized under the law to assist taxpayers by helping them purchase and maintain health insurance coverage.

Learning Objectives:

After reading the course material, you will be able to:

  • List the principal healthcare provisions of the PPACA affecting individuals;
  • Identify those individuals who may be exempt from the individual mandate; and
  • Calculate the tax credits designed to help ensure that individuals can purchase and maintain health insurance coverage.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC