With Care Act affordable (ACA or Obamacare ) now in full force, employers and health insurance advisors are adapting to a "new normal". and while 2014 and 2015 were the years of new rules and regulations, 2016 will be the year of compliance and reporting.
As employers prepare for the coming year, here are four compliance issues Obamacare you should not ignore.
1. Employer Shared Responsibility
The Employer Shared Responsibility available, also called ESR or mandate of the employer, is obliged to apply large employers (ALES.) either offer health insurance to employees or pay a fee if / when an employee buys health insurance subsidized by the market
All employers must understand:
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Does this provision applies to us? (Are we a applicable large employer with 50+ FTE?)
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If we offer a blanket, that our health plan meet accessibility and coverage requirements?
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If we do not offer coverage that meets the mandate, what fees we could pay?
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How relief transition affect our requirements coverage and reporting for 2015?
2. Annual Health Reports
In addition to the employer shared responsibility, Aleš need to understand the new health reporting requirements required under the health reform law. From January 2016, all Aleš are required to submit IRS Form 1095-C and 1094-C form.
ALES must understand the new reporting requirements and be ready to report on the following information :.
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information on the basis of employer
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months during the calendar year why the coverage of health care was available.
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the number of full-time employees for each month during the calendar year.
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That you, the employer, offered full-time employees and their dependents the opportunity to enroll in minimum essential coverage under a plan sponsored by the eligible employer (per calendar month).
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share of the monthly premium (self-only coverage) for the least expensive coverage with a minimum value under a plan sponsored by the eligible employer (for the calendar month) for each full-time employee.
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The name, address and taxpayer identification number (TIN) of each full-time employee covered by such health benefits.
For some employers, this information is simple. For others, the reporting requirements are time-consuming and complex. To help relieve the administrative pain, many ACA compliance software platforms arose in the market to help employers accurately monitor, integrate, and the ratio of staff and receive information needed for the new health declaration.
3. Exchange Management Advice
All employers, regardless of size or benefits, are required to provide employees coverage opinion offered by public health insurance markets.
All employers must ensure they comply with the Stock Exchange ( "Market") notice requirements, as well as other Health Plan Notice requirements .
4. Benefits Plan Structure
Under the ACA, there are several new rules on the structure of the system of 'benefits and coverage. Most reforms took effect in 2014 or 2015, but the costs of noncompliance are steep.
To ensure compliance, employers offering health benefits should review their plans annually to ensure compliance with the group of the reforms of health plans, such as:
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limits lifetime and annual requirements
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preventive required care Day Limitation
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0 on waiting periods
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essential health benefits Rules
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Plan Notice health Requirements
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cost sharing Limitations
Tip - These are some of the reforms of the most common health plans. Check with your insurance professional, health benefits company or ACA compliance software provider for all reforms apply to your health plans.
Conclusion
As employers prepare for the year of ACA reporting and compliance, the employer shared responsibility reports health care, notification management, and structure of the benefits package should be in the lead.
What else is the head of your company or your clients? Leave a comment or question below.
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