Health Care Reform regulations are ever changing. Are you and your business prepared to Pay or Play?
The Affordable Care Act (ACA) has made a number of significant changes to group health plans since the law was enacted over four years ago. Many of these key reforms are already in effect including health plan design changes, increased wellness program incentives and reinsurance fees. Additional reforms take effect in 2015 for employers sponsoring group health plans.
In 2015, the most significant ACA development impacting employers is the shared responsibility penalty and related reporting requirements for applicable large employers (ALE’s). Under Internal Revenue Code (Code) Sections 6055 and 6056, ALE’s will be required to report to the IRS whether they offer their full-time employees and their employees' dependents the opportunity to enroll in “minimum essential coverage” under an eligible employer-sponsored plan. Reporting employers must also provide a related written statement to their full-time employees.
It is becoming increasingly complicated for employers to navigate The ACA. Let the experts at Bene-Care guide you; we know the regulations and are prepared to assist you every step of the way. Contact your account consultant today for more information on how we can keep you in compliance.