First Health Network Minimum Essential Coverage

We help protect instead of penalize businesses.

First health network minimum essential coverage. This can be known as pay or play or employer shared responsibility. We offer minimum essential coverage plans which help you avoid irs penalties as both an individual employer. To avoid the penalty for not having insurance for plans 2018 and earlier you must be enrolled in a plan that qualifies as minimum essential coverage sometimes called qualifying health coverage. Minimum essential coverage mec the affordable care act states that all individuals must have health benefits and all employers with 50 or more full time employees must provide coverage to all eligible employees or they are subject to fines penalties.

Minimum essential coverage mec any insurance plan that meets the affordable care act requirement for having health coverage. How much of these benefits they cover depends on your plan s actuarial value. Although there is no longer a federal penalty for not having minimum essential coverage the individual mandate still exists and the concept of minimum essential coverage is still important. For tax year 2019 returns under the tax cuts and jobs act the amount of the individual shared responsibility payment is reduced to zero for months beginning after december 31 2018.

Minimum essential coverage is defined as coverage that is deemed acceptable for fulfilling the aca s individual shared responsibility provision aka the individual mandate. Minimum essential coverage is health insurance coverage that satisfies the affordable care act s shared responsibility provision individual mandate. Starting january 1 2014 the individual shared responsibility provision called for each individual to have minimum essential health coverage known as minimum essential coverage for each month qualify for an exemption or make a payment when filing his or her federal income tax return. Plans with access to essential health benefits like doctor visits lab tests prescription drugs hospitalization urgent care emergency care and more plus options for vision and dental benefits all for a 0 or low monthly plan premium.

Starting with the 2019 plan year for which you ll file taxes in april 2020 the fee no longer applies. These plans are for qualified individuals ages 19 64. For plan years through 2018 to avoid the penalty for not having insurance you must be enrolled in qualifying health coverage sometimes called minimum essential coverage. The mec advantage plan is a strategy that is compiled of a mec plan composite rated indemnity plans and major medical plans.