What is the purpose of ACA Reporting?
To determine if:
- Applicable Large Employers (ALE), those with 50+ full-time equivalent employees, are offering health insurance to their employees and their dependents;
- The health plan offered is affordable based on the single premium for the lowest cost plan;
- The health plan meets minimum essential coverage;
- Individuals have health insurance that includes all the required essential health benefits for all 12 months of the year; and
- The individual incorrectly received government subsidies for a health insurance plan on the Federally Facilitated Marketplace.
The ACA Has Your Business on Deck – Will You Hit or Miss?
Starting January 1, 2016 the Affordable Care Act’s (ACA) Employer Mandate will apply to all companies with 50 or more full-time (or full-time equivalent) employees. This presents a whole new ballgame for employers. Not only will they be required to offer their employees affordable health care coverage, they’ll also have to track employee hours, coverage affordability, coverage offers, and the months in which each employee received coverage. On top of all this tracking, they’ll also need to file information returns with the IRS and provide their employees with payee statements regarding their health insurance.