What are the new requirements?
The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Sections 6055 and 6056. Under these new reporting rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees. The additional reporting is intended to promote transparency with respect to health plan coverage and costs. It will also provide the government with information to administer other ACA mandates, such as the large employer shared responsibility penalty and the individual mandate.
What needs to be reported?
Applicable Large Employers (ALE’s) will need to file an aggregate report which is the Authoritative Transmittal (Form 1094-C), reporting which employees were offered coverage throughout the year as well as the employee cost to purchase the coverage. Additionally, the employer will provide each employee with their own individual documentation (Form 1095-C), communicating to them whether they were, or were not, offered coverage under the group plan.
What is our solution?
Our commitment to providing full service solutions to our clients (what we call Benefit Synergy), gives you the peace of mind to know that we’ve got you covered. At Bene-Care we have an intimate understanding of the new employer reporting obligations, and will be providing our clients with access to tools and resources to track, administer, and comply with the complicated IRS filing requirements.
Our Benefits and Payroll systems will share key data points allowing us to appropriately aggregate the required information to determine filing types, filing dates, and distribution requirements. This will ensure your full compliance.
What will we provide for you?
1. Determine your ALE status
2. Setup and document your Measurement/Stability/Admin periods
3. Determine if you are eligible for transition relief, and provide the appropriate documentation
4. Determine the appropriate filing type:
- Qualifying Offer Method
- 98% Offer Method
- General Method
5. Define your filing/distribution dates:
- Form 1094-C
- Form 1095-C
6. File appropriate 1094-C with the IRS
7. Provide you with completed 1095-C’s for employee distribution
To begin the process of getting your business in compliance, contact one of our Account Consultants today at 1-800-333-1673, or click Request a Quote above.