IRS: Insurance Companies Must Tell The Government If You Have Catastrophic Insurance
CHARLOTTE AMALIE – The Internal Revenue Service has issued a notice advising taxpayers that the Treasury Department and the IRS intend to propose regulations providing that health insurance issuers must report coverage in catastrophic health insurance plans.
Notice 2015-68 also allows electronic delivery of statements reporting coverage under expatriate health plans unless the recipient explicitly refuses consent or requests a paper statement.
In addition, the notice allows filers reporting on insured group health plans to use a truncated taxpayer identification number to identify the employer on the statement furnished to a taxpayer.
The notice also specifies when a provider of minimum essential health coverage is not required to report coverage, such as in a health reimbursement arrangement, of an individual, who has other minimum essential coverage.
The notice invites comments on issues relating to solicitation of taxpayer identification numbers of covered individuals.
It also advises that the governments of United States possessions or territories, namely the U.S. Virgin Islands, Puerto Rico, American Samoa, Guam and the Commonwealth of the Northern Mariana Islands are not required to report coverage under Medicaid and the Children’s Health Insurance Program.
The notice provides that the state government agency sponsoring coverage under the Basic Health Program is required to report Basic Health Program coverage.