NASHVILLE (BP) – A new tax rule in conjunction with the Patient Protection and Affordable Care Act may affect many churches that pay or reimburse individual health insurance premiums, and imposes daily fines beginning June 30 for those not in compliance.
GuideStone Financial Resources health plan participants should notice no impact as a result of the rule known as IRS Notice 2015-17, GuideStone said in a March 2 press release. Other churches whose employees do not participate in a group health plan could be affected.
"GuideStone health plan participants, and the organizations that employ them, can continue to pay for coverage as they have in the past and meet the guidelines under current law," said Harold R. Loftin Jr., GuideStone general counsel. "For churches and ministries that use other providers, it's important for them to review the IRS Notice, as well as work with their legal and accounting advisors to ensure they are compliant by the end of the grace period on June 30, 2015."