Six years ago, the Affordable Care Act (ACA) transformed healthcare and became part of the business landscape for every employer. Since then, we have seen significant changes in regulations, penalties and deadlines affecting employers of all sizes. Here are some of the aspects of the ACA to keep top of mind this year.
Mark your calendar for these important ACA-related dates:
March 31, 2016: This is the deadline for applicable large employers (ALEs) to send out IRS form 1095-C to each full-time employee, notifying them of the types of health insurance coverage they were offered. More information on determining if your company is an ALE can be found in this post on ACA for midsize employers.
June 30, 2016: The deadline for ALEs to file each employee’s information and the IRS form 1094-C electronically with the IRS (May 31 if not filing electronically).
Here are the rules you must comply with by your 2016 plan renewal:
Companies with more than 100 FTE employees should already be providing “substantially all” of their full-time employees with affordable health care or face penalties for non-compliance.
Plan to comply with this rule by your 2017 plan renewal
Companies with fewer than 50 FTE employees in AK, AL, AZ, FL, GA, ID, IL , IN, KS, KY, LA, ME, MI, MO, MS, MT, NC, ND, NE, NH, NJ, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WI and WV that provide health insurance to their employees must ensure that their group plans correspond to the ACA’s metal plans.
Why you can’t afford to wait another year
Is there too much on your plate this year for you to worry about the ACA? Shrugging it off till next year might prove to be a costly experience if one or more of your employees enrolls in subsidized coverage:
A gentle reminder on some of the other ACA requirements you need to remember
If you are offering a group health plan, a summary of benefits and coverage must be issued to each employee. Additionally:
The most important step you can take this year to be ACA compliant
Here’s the situation: the ACA can be overwhelming – and constantly changing legislation and requirements just add to the confusion. The best way you can stay compliant, avoid devastating penalty fees and remove the headache of having to worry about how the ACA affects your business is by hiring a professional to help you navigate the tricky waters of the ACA.
This communication is for informational purposes only; it is not legal, tax or accounting advice; and is not an offer to sell, buy or procure insurance.
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