Under the Affordable Care Act (ACA), new information reporting requirements will be implemented beginning with the 2015 calendar year and changing for the 2016 year. The reporting requirements are intended to promote transparency with respect to health plan coverage and costs. Individuals and the Internal Revenue Service will use the information reported for the purposes of verifying an individual’s eligibility for the premiums tax credit and to show compliance with the health care mandates.
The Affordable Care Act requires employers who meet its Applicable Large Employer (ALE) criteria to provide certain employees with health insurance or face a significant penalty. Some companies that don’t consider themselves a large company may be surprised to learn they actually are under this law. If your company is not subject to the ACA for 2015, be aware the thresholds change dramatically for 2016.
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