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Federal: Minimal Essential Coverage Reporting Regulations Finalized

Effective December 15, 2022, the IRS’s regulations were finalized and published in the Federal Register. They provide an automatic extension of time for minimum essential coverage providers (including health insurance issuers and self-insured employers) to furnish individual statements about coverage, along with an alternative furnishing method, when the individual shared responsibility payment is zero.

They also clarify that minimum essential coverage, as used in health insurance-related tax laws, doesn’t include Medicaid coverage limited to COVID-19 testing and diagnostic services provided under the Families First Coronavirus Response Act.

The final regulations also:

  • Provide an automatic time extension for applicable large employers (ALEs) with 50 or more full-time employees, including full-time equivalent employees, to furnish statements about health insurance that the ALE offers to their full-time employees; and

  • Apply as follows (effective on December 15, 2022):

    • The regulations under § 1.5000A-2 (minimum essential coverage) apply for months beginning after September 28, 2020.

    • The regulations under §§ 1.6055-1 and 301.6056-1 apply for calendar years beginning after December 31, 2021.

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