The Affordable Care Act was passed in 2010, but its provisions have gone into effect gradually over the years. With pivotal mandates, restrictions, and penalties finally in place, we help provide businesses with the ACA resources to understand and tackle the ACA.
Determining if your company is an Applicable Large Employer (ALE) is critical to understanding which ACA provisions need to be on your checklist.
ALE categorization determines whether your company must offer coverage to employees, as defined by the Employer Shared Responsibility Mandate. If you have no more than 50 employees*, you may be limited to the ACA "metal level" plan designs and pricing restrictions.
*no more than 100 employees in CA, CO, NY, VA, and VT
The ACA requires ALEs to report offers of medical coverage to employees. The IRS is expected to use the data to calculate and assess fines for non-compliance. The Forms 1094-C and 1095-C are one of the biggest reforms in tax reporting since the W-2. Each depends on accurately reporting data from payroll, benefits and HR systems. Failure to complete and submit the forms prior to the deadlines may subject you to a penalty.
Regardless of company size, you are required to comply with rules on notifications, plan enrollment, and eligibility tracking. You also need to keep track of offers of coverage and plan costs for future audits.
The ACA is still evolving, and monitoring the regulatory updates is as complex as the ACA itself. But you don’t have to do it alone. We have Affordable Care Act resources designed to help you understand how we can help you check all the boxes.