At Michigan Planners, we navigate the complexity of the so you don’t have to.
What Is ACA Reporting?
On January 1, 2016, the Affordable Care Act’s employees.applied reporting requirements on all companies with 50 or more full-time (or full-time equivalent)
This presented many new challenges for employers. Not only are Applicable Large Employers (ALE) now required to offer employees affordable healthcare coverage, but they also are required to track employee hours, coverage affordability, offers of coverage, and the months in which each employee received coverage.
On top of all of this tracking, they also need to file information returns with the IRS and provide their employees with statements regarding their health insurance.
What Is the Purpose of ACA Reporting?
ACA reporting is necessary 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 (MEC).
- Individuals have health insurance that includes all the required essential health benefits for all 12 months of the year.
- The individual incorrectly received government subsidies for a health insurance plan on the Federally Facilitated Marketplace.
Check Your ACA Reporting Responsibility