Affordable Care Act Changes
With all the news surrounding the possible changes and signing of executive orders related to the Affordable Care Act (ACA), many are left wondering what if anything has changed.
With congress currently unable to come to an agreement, the Affordable Care Act along with its rules, regulations, requirements and obligations still stand…for now at least. Below are just some of the items employers must ensure to review:
- Applicable Large Employer designation – Having 50 or more full-time/full-time equivalent employees in the previous year.
- Grandfathered Plans – Proper compliance and employee notification to ensure continued qualification.
- IRS Reporting – Forms 1094 and 1095.
- W-2 Reporting – The cost of employer-sponsored health coverage for employers issuing 250 or more W-2s
- SBC – Providing Summary of Benefits coverage to each employee eligible for coverage during initial enrollment, open enrollment, special enrollment or upon request.
No above is not a complete list, nor does it list all requirements. Having an advisor to assist will always be the practice to ensure compliance.