At The Podium
ACA: Ready, Set, Report
In recent years, companies and organizations designated as “applicable large employers” under the Affordable Care Act have had to focus much of their attention on understanding and complying with the ACA’s complex “play-or-pay” rules, which — starting next year — generally give employers a choice between offering full-time employees and their dependents health coverage or paying certain penalties.
The next big ACA compliance challenge facing employers is preparing for the reporting rules that go into effect for the 2015 calendar year. Many employers are not even aware of these reporting rules, and most do not yet have the systems in place to capture the data needed to accurately comply with the rules. Now is the time for employers to take action. While continuing to focus on their play-or-pay strategies, employers also need to be devoting an equal amount of time — right now — to getting ready for the new reporting requirements.
- Which employers must comply with the reporting requirements
- Requirements for the reporting of minimum essential coverage for purposes of the individual mandate
- Requirements for the reporting of health insurance coverage offered by employer-sponsored plans for purposes of the employer mandate
- The reporting process, timeline and deadlines
- Potential simplified reporting methods
- Action steps employers should be taking now