We’ve worked with Convey in the past and are confident in their ability to help us provide this critical service to our members accurately and efficiently.
Minnetonka, MN (PRWEB) November 06, 2014
While ACA regulations do not require insurers to provide proof of coverage to their members for tax year 2014, individuals will be required to provide proof of coverage on their tax returns. Over the summer, the IRS released new draft versions of 1040 and 1040EZ tax returns, which now include a section for individual ACA reporting. This section is to be completed by individuals to confirm that they and their dependents are receiving minimal essential health care coverage. Members are likely to turn to their insurers with questions regarding this new ACA reporting section on their 1040s.
With over 530,000 members who may be impacted by the new ACA requirement, HMSA anticipates that issues regarding individual ACA reporting could have a significant impact on their Membership Services department this year. In order to proactively implement a process to address this vast new reporting requirement and better serve their members, HMSA has decided to participate in the beta year for ACA reporting by utilizing Taxport, Convey Compliance’s industry-leading tax information reporting technology. This year, HMSA will offer their members Form 1095 statements electronically through their My Account login. By assisting their members with the overall process of ACA reporting, HMSA hopes to help their members avoid confusion on their tax returns while reducing incoming calls to HMSA during tax season.
“The Affordable Care Act will require individuals to show proof of their health insurance starting in 2014. While the law isn’t requiring any action on the part of insurers, we want to do everything we can to make it as easy as possible for our members to get the information they need for their tax returns,” explained Gina Marting, HMSA’s senior vice president of Accounting & Finance. “We’ve worked with Convey in the past and are confident in their ability to help us provide this critical service to our members accurately and efficiently.”
For nearly thirty years, Convey Compliance has provided technology and services to improve compliance and reduce costs related to tax information reporting. Convey is at the forefront of the industry for providing third-party reporting technology and services to over 2,000 clients. In June of 2014, Convey merged with Taxware, a global provider of sales, use and value-added tax (VAT) software. Together, the two companies create a comprehensive portfolio of technology products and services designed to simplify tax compliance and mitigate risk.