With the implementation of the Affordable Care Act (ACA) , employers and health plans are now subject to various federal reporting requirements. These additional reporting requirements were put in place to promote transparency with regards to health plan coverage and costs. It will also provide the government with information to oversee other ACA directives, such as the large employer shared responsibility penalty and the individual mandate.
The ACA Reporting Requirements for Employers and Health Plans are as follows:
Form W-2 reporting
Applicable Large Employer (ALE = 250 employees) health coverage reporting (Code 6056)
Reporting of health coverage by health insurance issuers and sponsors of self-insured plans (Code 6055)
Transparency in coverage reporting and cost-sharing disclosures
Quality of care reporting
For more information on these requirements and how they might impact your organization, call Benefits Planning Service today. We can be reached at (949) 833-8187 or (800) 916-2012.
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