Affordable Care Act - Individual Rights & Responsibilities - 2024 (Text Based)

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 in order 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:

• 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 lifetime and annual benefit limits,

  • The limitation of health coverage rescissions,

  • The requirement for certain patient protections, and

  • The requirement that plans covering children extend child coverage until age 26;

• Various personal income tax changes affecting taxpayers; and

• Tax credits authorized under the law to assist taxpayers by helping them purchase and maintain health insurance coverage.

Learning Objectives:

1. List the principal healthcare provisions of the PPACA affecting individuals;  

2. Identify those individuals who may be exempt from the individual mandate; and

3. Calculate the tax credits designed to help ensure that individuals are able to purchase and maintain health insurance coverage.

4. The treatment of costs for over-the-counter drugs and medical expense FSA contributions,

5. The tax penalty for nonqualified Archer MSA and HSA distributions,

6. Medical expense deductions,

7. The additional taxation on the earnings of high-income taxpayers,

8. The additional tax on high-income taxpayers' net investment income

9. The additional tax on estate's and non-grantor trusts' undistributed net investment income; and

10. Calculate the amount of the premium assistance tax credit available to taxpayers whose household income is less than 400% of the federal poverty line.

Instructional Method: Self-Study

Review Date: 05/15/2024

Required Components: Written Materials

CPE Final Exam Required Passage Grade: 70%

Please Note: This course must be completed within 1 year of the date of receipt of this course for CPE Credit.

Field of Study: Taxes

Level of Knowledge: Beginner

Prerequisite: None

Advanced Preparation: None

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FurtherEd is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.