Affordable Care Act

Posted November 13th, 2015 in Producers, Employers

The new reporting requirements that some employers will be subject to starting next year, as required by the Affordable Care Act (ACA), will be used to help the Internal Revenue Service (IRS) enforce the Individual and Employer Mandates, and it will also help the IRS administer subsidy eligibility in the Exchanges.
 

The following reporting forms will be the responsibility of the employer to complete:

Posted October 30th, 2015 in Producers, Employers

PCORI Fees

The Internal Revenue Service (IRS) released Notice 2015-60 on October 9, 2015.  The notice includes information on the payable amounts that are due for the Patient-Centered Outcomes Research Institute fees (PCORI fees). The fee will increase from $2.08 to $2.17 per covered life for plan years ending on or after October 1, 2015 and before October 1, 2016. The next round of PCORI fees will be due by July 31, 2016 for plan years ending in 2015. The payment schedule will be as follows:
Posted October 23rd, 2015 in Producers, Employers

The Protecting Affordable Coverage for Employees (PACE) Act, signed into law by President Obama on October 7, 2015 gives states the ability to continue to determine the size of their small group market rather than conforming to a national standard.

Most states currently define their small group market as employers with up to 50 employees, but the Affordable Care Act (ACA) was set to expand that definition in 2016 to include employers with up to 100 employees. The PACE Act allows each state to independently decide what small group market definition makes the most sense.

Posted August 31st, 2015 in Producers, Employers
The statutory limit for Health Care Flexible Spending Account (FSA) elections is expected to remain unchanged in 2016. The salary reduction limit was capped at $2,500 in 2013 as a result of the Affordable Care Act (ACA) and is subject to inflationary adjustments. In 2015, the limit was increased to $2,550. However, due to a recent government report issued by the U.S.
Posted August 14th, 2015 in Producers, Employers
It appears that the Internal Revenue Service (IRS) is having some trouble with formulating guidance as it relates to the Excise Tax on High Cost Employer-Sponsored Health Coverage, also known as the Cadillac Tax. Earlier this year the IRS released Notice 2015-16 which sought public comment on the types of coverage that should (or shouldn’t) be included when calculating the value of coverage.  
 
Posted July 24th, 2015 in Producers, Employers

The cost for failing to comply with the new reporting requirements of the Affordable Care Act (ACA) just got steeper. Under a trade bill signed into law by President Obama at the end of June, the penalties for failing to comply with the new reporting requirements, which are used to help the IRS enforce the Individual and Employer Mandates, have substantially increased.

Failing to complete the reporting:

Posted July 17th, 2015 in Producers, Employers
All eyes are back on the Employer Mandate as expectations of major changes or delays to this provision are quickly fading in light of the King vs. Burwell ruling.
Posted July 2nd, 2015 in Producers, Employers, Individuals
On June 25, 2015, the Supreme Court of the United States (SCOTUS) ruled 6-3 in favor of the federal government and their ability to provide subsidies in Exchanges. The plaintiffs had contested the federal government’s interpretation of the healthcare law citing language in the Affordable Care Act (ACA) which specifically says subsidies can only be provided by an Exchange “established by the state.”  
 
Posted June 5th, 2015 in Producers, Employers, Individuals
The Supreme Court is expected to rule on the King vs. Burwell case at the end of this month. This is the court case that is challenging whether or not the federal government can provide subsidies to Exchange enrollees in the 37 states in which it operates. Media coverage of the case implies that the judges are evenly split and a ruling could go either way.

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