Beginning in January 2016 for the 2015 calendar year, the Affordable Care Act requires information reporting on minimum essential coverage. For fully-insured plans, insurance carriers are responsible for the reporting. For self-insured plans, employers, regardless of size, are responsible for the reporting.
Applicable large employers (ALEs), employers who average 50 or more full-time and full-time equivalent employees in 2014, have additional reporting requirements. For example, ALEs are required to report to the IRS and provide individual statements to their employees indicating whether they and their children were given the opportunity to enroll in “minimum essential coverage”.
In addition, ALEs will also need to report the cost of self only coverage and any transitional relief the employer is relying on to avoid potential penalties under the Employer Shared Responsibility mandate.
Non-ALEs will report using the Form 1094-B (Transmittal) and Form 1095-B (Individual Statements to Employees) forms. ALEs will report using the Form 1094-C and Form 1095-C forms.
Failure to report or incorrectly report could cost employers thousands of dollars!
The reporting requirements are very complicated, especially for ALEs.
We’ve received many inquiries from brokers and our self-insured clients asking if Diversified Group will be offering a service to assistant with the B and C forms. The answer is Yes!
We are pleased to announce that we have partnered with MZQ Consulting. MZQ Consulting was founded by an ERISA attorney. The reason we like MZQ is that they have the tools and compliance knowledge to make a difficult reporting task easy for employers.
Download our brochure below that outlines the new ACA reporting requirements and our new ACA reporting service!
If you are interested in a proposal, please email Carol Parda-Ziolko or call her at 860-295-6598 Ext. 427.