Employers subject to the Affordable Care Act's (ACA) information reporting requirements are reminded that the deadlines to file and furnish Forms 1094 and 1095 are quickly approaching. The reporting deadlines in 2017 are for reporting information on the 2016 calendar year, and are as follows:
Reporting entities filing 250 or more Forms 1095-B or Forms 1095-C must electronically file them with the IRS. Additional information on electronic filing can be found on the IRS ACA Information Returns (AIR) Program webpage.
Historically, level funded and self funded products existed in the Large Group Market space. Large Employers have enjoyed the opportunity to receive reporting and other specific data associated with their group health plan.
Employers have also enjoyed having the opportunity to affect the performance of their plans while, in many cases, participating in positive claims with surplus return opportunity.
Effective for April 1, Aetna is providing a similar product solution for the small group marketplace (10 enrolled to 50 eligible) in Connecticut. The product is already being sold in the MA and ME markets.
BK Group Benefits, LLC will explore these options for our clients and prospective clients as deemed appropriate and/or upon request.
President Trump has signed an executive order calling upon federal administrative agencies to minimize the economic burden of the Affordable Care Act (ACA), pending repeal of the law. Until further guidance is issued or legislation is signed, however, all ACA requirements remain in effect, including penalties for noncompliance.
In addition to making it clear that the Trump administration seeks the prompt repeal of the ACA, the executive order specifically calls upon agencies to exercise authority and discretion to:
The executive order must be implemented in a manner consistent with applicable law, including the Administrative Procedure Act, which requires extended review of and public comment on any federal rules which may be proposed as a result of the executive order.
The U.S. Department of Labor (DOL) has published a final rule adjusting for inflation the civil monetary penalties assessed for violations of a number of federal labor laws. The rule increases penalties for employers that do not comply with certain requirements under the federal Fair Labor Standards Act (FLSA), the Family and Medical Leave Act (FMLA), the Employee Retirement Income Security Act (ERISA), and the Occupational Safety and Health Act (OSH Act), among other laws. The increases generally apply to civil penalties assessed after January 13, 2017, whose associated violations occurred after November 2, 2015.
Key Penalty Increases
The Medicare Modernization Act requires employers that provide prescription drug coverage to Medicare-eligible individuals to complete the Online Disclosure Form to the U.S. Centers for Medicare & Medicaid Services (CMS) to report whether such coverage is creditable prescription drug coverage. Creditable coverage means that the coverage is expected to pay, on average, as much as the standard Medicare prescription drug coverage.
This disclosure is required annually, no later than 60 days from the beginning of a plan year—typically March 1st for calendar year plans—and at certain other times.
BK Group Benefits reports this to CMS on our clients' behalf.
To Inquire, Review, or Discuss Any Updates Addressed on this Page
Source: HR 360, Inc.
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