New Affordable Care Act (ACA) reporting requirements top the list of 2016 important tax topics. While much of this reporting applies to businesses with 50 or more full-time equivalent employees, also called “Applicable Large Employers” (ALEs), there are aspects that impact employers with less than 50 full-time employees. For example, for 2016, those who offer self-insured/self-funded group health plans may now also have to file forms 1094-B and 1095-B for each employee, therefore, it’s important to work closely with your financial advisors to guide you through these changes.
ALL EMPLOYERS, however, are still required to inform new employees of their coverage options by providing them with the Marketplace Coverage Options and information notice. Forms are available at www.dol.gov. Be sure to keep a log or set up a tracking system as documentation of your adherence, and again, your CWA planning team or financial advisors are available to help.
Lastly, as employers, keep in mind our January 2015 story, Save the Penalties for Super Bowl Sunday, discussing how to avoid penalties outlined in the Department of Labor’s clarification of the ACA’s market reform provisions impacting Employee Payment Plans. Remember, EPPs are considered group health plans, however, market reform establishes that “plans” can’t limit any individual’s annual benefits, and plans must also provide certain preventative services without cost-sharing requirements. And since EPPs can’t be integrated with individual market policies to meet these market reform requirements they are in violation and subject to penalties. Make sure you’re informed and in the clear.
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