ACA Reporting in 2018: Need to Know Items

The Affordable Care Act (ACA) is likely one of the most complicated pieces of legislation to affect employers in recent years, and recent attempts to repeal, replace, and alter the law have only made the issues more complicated and difficult to understand. One of our biggest priorities is helping our members stay compliant and on top of all the changes affecting their businesses.

For the past three years, enforcement of the ACA has been shaky at best. But employers are now beginning to experience the repercussions of noncompliance. The fines can be costly, and a sure sign that employers need to get serious about their ACA compliance.

Under the Affordable Care Act, applicable large employers (ALEs)—generally those with 50 or more full-time employees, including full-time equivalent employees, in the preceding calendar year—must report certain information to their full-time employees and the Internal Revenue Service (IRS) about the health care coverage they have offered (if any).

With deadlines for 2017 reporting just a few weeks away, ALEs should begin thinking about the following five reporting requirements:

1. ALEs are required to furnish a Form 1095-C to each of their full-time employees by March 2, 2018.
2. ALEs must file Forms 1095-C, accompanied by the transmittal Form 1094-C, with the IRS no later than February 28, 2018 (or April 2, 2018, if filing electronically).
3. Self-insured ALEs also have 1094-C and 1095-C reporting obligations.
4. ALEs that file 250 or more Forms 1095-C must file them electronically.

As always, we will continue to monitor what comes out of Washington D.C. Please contact us to learn more about how our Association’s strength and expertise has continued to provide stability for our members for almost 90 years.

Our employee benefit programs not only focus on bringing you the best plans and value, but also offering strategy and compliance to ensure your business runs smoothly amidst all the uncertainty.