CPA experts from the PICPA share information about important health insurance deadlines for 2016, understanding health care spending account choices, managing health insurance after job loss, changing eligibility requirements that may impact small businesses, and more.

1. Health Insurance:
2016 Update

2. Health Insurance & More
About the PICPA
• The Pennsylvania Institute of Certified Public
Accountants (PICPA)
• The PICPA is a professional association of more than
22,000 members working together to improve the
profession and serve the public interest.

3. Health Insurance & More
Getting Coverage
• Why bother?
– Failure to get covered may result in a penalty.
– Penalty is higher in 2016 than it was in 2015.

4. Health Insurance & More
Getting Coverage
• Enrollment dates for 2016:
– Nov. 1, 2015: Open Enrollment starts
– Dec. 15, 2015: Last day to register for coverage starting
on Jan. 1, 2016
– Jan. 1, 2016: Coverage starts for those enrolled by
Dec. 15, 2015
– Jan. 15, 2016: Last day to enroll for coverage to start on
Feb. 1, 2016
– Jan. 31, 2016: Open Enrollment ends for 2016

5. Health Insurance & More
Getting Coverage
• But what if…
– my income changes?
– I move?
– my family size changes?
• These are considered Qualifying Life Events and
entitle you to a Special Enrollment Period to enroll
or change plans.

6. Health Insurance & More
Getting Coverage
• But what if…
– I need to sign up for Children’s Health Insurance
Plan (CHIP)?
– I need to sign up for Medicaid?
• Enrollment for these programs is not limited. You
can apply at any time.

7. Health Insurance & More
Getting Coverage
• But what if…
– I go on Medicare?
• If you are still working and get health insurance through
your employer, check with the human resources
department.
• Visit Medicare’s website to learn more: medicare.gov

8. Health Insurance & More
Getting Coverage
• But what if…
– I lose my job?
1. Consider COBRA (insurance you purchase through your
former employer for a certain time frame).
2. If you have a spouse with health insurance, research the
cost and possibility of joining that plan.
3. Purchase insurance through the federally facilitated
“Marketplace” (FFM) on heathcare.gov.
4. Sign up for government-sponsored health care through the
FFM.

9. Health Insurance & More
Making Sense of Account Choices
• Health care spending accounts can offer advantages
when it comes to medical costs.
• Types:
– Flexible Spending Account (FSA)
– Health Savings Account (HSA)

10. Health Insurance & More
Making Sense of Account Choices
• Flexible Spending Account (FSA):
– Any employee can contribute to an employer
FSA.
– Used to pay medical expenses not paid by health
insurance, like co-pays.
– Contributions are pretax.
– Any unused funds are lost at year-end.

11. Health Insurance & More
Making Sense of Account Choices
• Health Savings Accounts (HSA):
– Only employees with a high deductible health
care plan can contribute.
– Used to pay unreimbursed medical expenses and
sometimes to pay for other health care coverage.
– Contributions are not lost at year-end.
– Limits on amount that can be contributed pretax.

12. Health Insurance & More
Small Employers
• Requirements for providing health insurance and penalty
costs vary depending on company size. Some small
employers may also be eligible for a credit.
• Changes in eligibility requirements of the Credit for Small
Employer Health Insurance Premiums caught many small
businesses by surprise, leaving them unable to receive
the credit.
• Talk to your CPA about financial impact of business
decisions!

13. Health Insurance & More
Resources
• Affordable Care Act website
HealthCare.gov
• PICPA’s Health Insurance page
picpa.org/healthinsurance
• Small Business Administration’s Health Care page
sba.gov/healthcare