Employers soon to rework their benefit reporting for Obamacare

Earlier this year, the Internal Revenue Service issued final regulations regarding the enforcement of two key provisions of the Affordable Care Act — the employer mandate (also known as “shared responsibility” or “play or pay”) and the individual mandate. Employee benefits attorney Barbara Klepper was interviewed by The Oklahoman about the regulations and how many employers who provide minimum essential coverage will be required to report certain health insurance coverage information to the Internal Revenue Service as a way to assist the government in their enforcement efforts.

“Employers offering fully insured health plans don’t have to report on minimum essential coverage for purposes of the individual mandate,” said Klepper. “Only employer plan sponsors of self-funded group health plans must report regarding offers of minimum essential coverage – this is true regardless of the employer’s size. With respect to the shared responsibility requirements, only applicable large employers must report.”

The reporting requirements go into effect for coverage provided during the 2015 calendar year.