What must you do to stay ACA compliant?

Keep track of your company’s ACA compliance details

The Affordable Care Act has been under siege for the past few years. So far, its provisions remain largely intact and compliance requirements are still in place. To make sure your company is ACA compliant, you should review your status regularly to determine if your need to update your plan.

  • Recalculate your number of full-time employees based on IRS guidelines.
  • Check your ALE status.
  • Make sure you’re offering the required coverages.
  • Verify your compliance with minimum coverages and cost-sharing provisions.
  • Keep track of reporting and notice requirements.

To stay ACA compliant, your company must keep track of numerous details. Applicable large employers must comply with coverage mandates. Both ALE and Non-ALE employers must meet reporting and notice requirements. Failure to maintain ACA compliant status subjects your company to penalties. 2019 assessments are on track for inflation-adjusted increases.

Here are a few key deadlines to remember to help you stay ACA compliant.

Form W-2 with healthcare costs | January 31, 2019.

Employers that filed 250 or more W-2s during the 2017 calendar year were required to provide employee W-2s that included the cost of the healthcare plan they provided.

Healthcare Plan Participation Report to IRS | February 28/ April 1

IRS Code §6056 requires ALEs to provide coverage information via Health Coverage form 1095-C and form 1094-C Self-insured ALEs must also report.

Non-ALE self-insured employers and other entities must file Employer-Provided Health Insurance Offer and Coverage: form 1095-B and 1094-B.

The deadline for filing paper forms is February 28, 2019. Electronic filings are due by April 1. Employers with 250 or more employees must file reports electronically. IRS Form 5223 explains form instructions, substitutions, and electronic filing requirements.

Medicare Part D Disclosure | March 1, 2019

By March 1, 2019, employees who provide drug coverage to employees who are also eligible for Medicare Part D Drug coverage must complete a disclosure form to the Centers for Medicare & Medicaid Services. This deadline applies to calendar-year plans.

Healthcare Notice to Employees | March 4, 2019

Employers must provide coverage information to employees via IRS 1094 and 1095 forms. This confirms an employee’s ACA compliance for tax purposes.

Prior Year PCORI Fees | July 31, 2019

Employers who provide insurance through Self-funded plans and Health Reimbursement Arrangements must file IRS form 720 and pay a fee to the Patient-Centered Outcomes Research Institute.

ERISA-Covered Plan Reporting | July 31, 2019

Employers who provide ERISA Benefit plan coverage must report using IRS form 5500 and related forms. Form 5500 complies with both ERISA and IRS reporting guidelines. The deadline is for calendar-year plans.

Grandfathered Plan Status

Employers who wish to maintain the grandfathered status of a pre-ACA plan must provide certain information to employees. The notice should follow the guidelines of the Department of Labor’s example.

Employers must also provide these and other notices to employees:

These are just a few of reporting requirements employers must meet for full ACA compliance. The IRS ACA Tax Provisions Page has additional guidelines and links to relevant information for ALEs and Non-ALEs. Also, check with your tax professional for specific ACA tax provisions that apply to your business.

For more information on benefits plan notice requirements, view the Department of Labor “Reporting and Disclosure Guide for Employee Benefit Plans.”

Contact Us

Your company must be ACA compliant, but getting there can be complicated. Contact Health Consultants Group at (800) 367-2482 if you have questions about the ACA or other insurance products.