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Health Care Reform News: IRS Releases Draft Forms for Employer Reporting of Health Coverage

Health Care Reform News: To help employers prepare for ACA compliance requirements, here is an overview of the draft forms released regarding Pay or Play reporting --- via CBG Benefits.To help employers prepare to meet reporting requirements under the Affordable Care Act, the IRS recently released draft forms related to the “Pay or Play” rules.

This compliance requirement will support IRS Code Sections 6055 and 6056. The intention of this effort is to promote transparency regarding health plan coverage and costs. In addition, these reports may be used by the government to administer the employer and individual mandates.

The draft forms that were released include:

Preparing for Filing Requirements and Deadlines

While the draft versions of these forms may certainly be updated in the months to come, we hope that you find them helpful as you seek to assess your future compliance requirements. Here is a brief overview of which forms may be relevant to your company, filing deadlines, and more.

  • Applicable Large Employers (ALEs): Companies reporting under Code Section 6056 will be using Forms 1094-B and 1095-B
  • Self-insured Group Health Plans Not Reporting as ALEs: These companies will generally be using Forms 1094-C and 1095-C under Section 6055
  • Combined Reporting Method: Companies reporting under Section 6055 as ALEs will file under a combined reporting method, using Forms 1094-C and 1095-C
  • Filing Requirements: Under both Sections 6055 and 6056, each reporting entity will be required to file A separate statement for each individual who is provided minimum essential coverage and a single transmittal form for all of the returns filed for a given calendar year
  • Filing Deadline: These forms must be filed with the IRS annually, no later than Feb. 28 (March 31, if filed electronically) of the year immediately following the calendar year to which the return relates.

Compliance Support For Your Organization

At CBG Benefits, we truly strive to act as an extension of your Human Resources department. We recognize that HR professionals face more responsibilities than ever before; thus, we are providing assistance to many of our clients as they prepare to meet these compliance requirements.

If you would like to learn how we can assist your company in meeting your compliance needs, please contact our team at 781-759-1222 or via email at info@CBGBenefits.com.


Image courtesy of Pong / FreeDigitalPhotos.net

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Posted in: Benefits and Insurance, Human Resources, Legislation

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