Community

how to prepare for healthcare changes

Recently, the IRS released draft forms and guidance on the employer mandate required through the Patient Protection and Affordable Care Act (PPACA, ACA, or ObamaCare). The employer mandate has been delayed twice already, which requires employers with 50+ full-time equivalent employees to provide healthcare (or be fined).

Even though the employer mandate does not go into effect until January 2015 (for companies employing 100 employees) and January 2016 (for companies that employ between 50 and 99 employees), it is time to begin preparing now.

These draft guidelines and forms provide more information on the upcoming requirements:

Qualifying employers must fill out Forms 1094 B, C and 1095 B, C
1094 and1095 C will be used to determine whether the employer is responsible for penalties under the employer shared responsibility requirements
Form 1095 C must be filed for each employee for any month of the calendar year (including identifying information)
Full-time employee status is determined during the prior calendar year (2014 employees determine 2015 status)
Guidelines for employer-sponsored self-insured plans (Form 1095 C)
Definitions of employers, dependents, and more
Minimum essential coverage/value determination

Additionally, legislation has been introduced that requires insurers to accept health plans offered in 2013 as acceptable plans (even if they don’t meet minimum requirements). HR 3522 will be brought to a vote in the U.S. House.