To make sure people have MEC, the Internal Revenue Service (IRS) needs reports to be sent by those who provide MEC. This is called Minimum Essential Coverage Reporting, or IRS Code Section 6055 Reporting. Anthem will not act as the third party and will not file the report for a fee.

What is minimum value? Minimum value is a standard for measuring job-based health insurance plans to make sure it provides at least the minimum amount of coverage for the purposes of the employer shared responsibility set by the ACA.

The minimum value of a function is the place where the graph has a vertex at its lowest point. In the real world, you can use the minimum value of a quadratic function to determine minimum cost or area.

This form provides information about the coverage offered to employees, the lowest-cost premium available to employees and the months of the year when the coverage was available. This form is also reported to the IRS.

Fully insured employers are not required to submit California Mandate reporting as long as their insurer reports to the FTB, which they are required to do. All employers must provide 1095-B and C forms to their employees by January 31st following the end of the plan year, which is already required under ACA.

As we noted above, an employer that offers minimum essential coverage that does not provide minimum value faces penalty exposure, though of a likely smaller magnitude than would otherwise be the case if the employer failed to offer any coverage. MEC plans do not provide minimum value.

A plan provides minimum value if it has an actuarial value of at least 60 percent, meaning the plan pays for at least 60 percent of covered benefits.

Examples of minimum essential coverage include: • Most health insurance coverage provided by your employer; • Health insurance purchased through the Health Insurance Marketplace serving the. area where you live; • Coverage provided under a government-sponsored program (including Medicare.

Employers paid 78 percent of medical care premiums for single coverage plans and 66 percent for family coverage plans. The average flat monthly premium paid by employers was $475.69 for single coverage and $1,174.00 for family coverage.

In general, the reporting requirements apply if you’re an employer with 50 or more full-time employees or equivalents, a self-insured employer, regardless of size, or a health insurance provider. The IRS forms used to report this information are 1095-B and 1095-C, along with transmittal forms 1094-B and 1094-C.

Pilot prints forms 1094-C and 1095-C on plain paper only. Do not use pre-printed forms. You must print to a laser or inkjet printer. If you employ 250 or more full-time employees, you must file to the IRS electronically.

Minimum efficiency reporting value. Minimum Efficiency Reporting Value, commonly known as MERV rating, is a measurement scale designed in 1987 by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) to rate the effectiveness of air filters . The scale “represents a quantum leap in the precision and accuracy…

For additional information, see 2017 Affordability and IRS webpage on Minimum Value and Affordability, accessed 10-27-16. Under Code section 36B (c) (2) (C) (ii), a plan provides “minimum value” (MV) if it covers at least 60% of the total allowed costs of benefits that are expected to be incurred under the plan to a standard population.

Following the matrix is a more in-depth explanation of each of the methods to determine minimum value. For small group, carrier must specify “precious metal” level the plan provides: bronze=60%; silver=70%; gold=80%; platinum=90%.

Minimum efficiency reporting value, commonly known as MERV rating, is a measurement scale designed in 1987 by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) to rate the effectiveness of air filters. The MERV rating is from 1 to 16.