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Old 02-03-2014, 02:32 PM
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What is the "Minimum Essential Coverage required by a Health Plan" by taxpayers in order to avoid incurring the Health Insurance penalty?

Per the Government, a Health Insurance Plan must have certain “Minimum Essential Coverage” to avoid any potential health insurance penalties for having inadequate health insurance coverage.

A minimum essential coverage health plan must include the following;

1. Employer-sponsored coverage, including self-insured plans, COBRA coverage and retiree coverage.
2. Coverage purchased in the individual market, including a qualified health plan offered by the Health Insurance Marketplace.
3. Medicare Part A coverage and Medicare Advantage plans.
4. Most Medicaid coverage.
5. Children's Health Insurance Program (CHIP) coverage.
6. Certain types of veterans health coverage administered by the Veterans Administration.
7. Most types of TRICARE coverage under chapter 55 of title 10 of the United States Code.
8. Coverage provided to Peace Corps volunteers.
9. Coverage under the Nonappropriated Fund Health Benefit Program.
10. Refugee Medical Assistance supported by the Administration for Children and Families.
11. Self-funded health coverage offered to students by universities for plan or policy years that begin on or before Dec. 31, 2014 (for later plan or policy years, sponsors of these programs may apply to HHS to be recognized as minimum essential coverage).
12. State high risk pools for plan or policy years that begin on or before Dec. 31, 2014 (for later plan or policy years, sponsors of these program may apply to HHS to be recognized as minimum essential coverage).
13. Other coverage recognized by the Secretary of HHS as minimum essential coverage.

However, per the IRS, Health Plans offering only limited benefits are not considered to satisfy the "Minimum Essential Coverage" such as the following;

1. Stand-alone vision care or dental care
2. Workers' compensation
3. Accident or disability policies
4. Medicaid providing only family planning services
5. Medicaid providing only tuberculosis-related services
6. Medicaid providing only coverage limited to treatment of emergency medical conditions
7. Pregnancy-related Medicaid coverage*
8. Medicaid coverage for the medically needy*
9. Section 1115 Medicaid demonstration projects*
10.Space available TRICARE coverage provided under chapter 55 of title 10 of the United States Code for individuals who are not eligible for TRICARE coverage for health care services from private sector providers*
11. Line of duty TRICARE coverage provided under chapter 55 of title 10 of the United States Code*

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