ACA Times

NOVEMBER 8, 2023

Michigan Governor Gretchen Whitmer recently enacted legislation that makes the ACA’s pre-existing conditions provision state law. The move ensures that residents of The Great Lakes State have continued access to… The post Michigan Codifies Key ACA Provisions Into State Law first appeared on The ACA Times.

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ACA Times

SEPTEMBER 27, 2023

The Affordable Care Act (ACA) was designed to lessen the financial burden of healthcare insurance for Americans and ensure access to insurance for all. Employers have taken on an important… The post Decoding ACA Full-Time Employee Rules: A Guide for ALEs first appeared on The ACA Times.

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ACA Times

SEPTEMBER 6, 2023

In the ever-evolving landscape of health insurance, Virginia finds itself at a pivotal crossroads. The recent inability of the Virginia General Assembly to reach a consensus on the reinsurance program… The post Reinsurance in Virginia: Navigating the Uncertainties and Implications first appeared on The ACA Times.

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ACA Times

AUGUST 16, 2023

House Republicans recently passed a package of health insurance bills, known as the CHOICE Act, intended to reduce health insurance costs for certain businesses and consumers. The proposed reforms would… The post House GOP Passes CHOICE Act first appeared on The ACA Times.

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ACA Times

JULY 19, 2023

Two new bills signed into law by Governor JB Pritzker are likely to fundamentally reshape the Illinois health insurance market. Among the stated goals of these new pieces of legislation… The post Two New Laws Transform the Illinois Health Insurance Market first appeared on The ACA Times.

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ACA Times

JULY 12, 2023

The Internal Revenue Service (IRS) has intensified its enforcement of the Affordable Care Act’s (ACA) Employer Mandate, signaling a shift in its approach toward suspected non-compliance. Recent reports indicate that… The post IRS Increases Focus on Detailed Information in ACA Audits first appeared on The ACA Times.

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ACA Times

JULY 5, 2023

Summer is upon us and with it come a number of opportunities, and risks, for employers. One critical area of risk is ACA compliance. The summer months mark a critical… The post ACA Compliance and the Sounds of Summer first appeared on The ACA Times.

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ACA Times

FEBRUARY 22, 2023

A set of proposed rules issued by the Internal Revenue Service, Employee Benefits Security Administration, the Centers for Medicare and Medicaid Services, earlier this month aims to expand free access… The post 4 Ways ACA Preventive Care Provisions Will Change if New Proposed Rules Pass first appeared on The ACA Times.

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ACA Times

JANUARY 25, 2023

It’s time to prepare ACA state filings for the 2022 tax year. Is your organization ready? As a reminder, on an annual basis, employers must file Forms 1094-C and 1095-C… The post At a Glance: 2023 ACA State Reporting first appeared on The ACA Times.

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ACA Times

NOVEMBER 17, 2022

As the number of available healthcare coverage options increases, more and more employers are turning to individual coverage health reimbursement arrangements (ICHRAs). A relatively new player in the market, ICHRAs…. The post Employers Investing More in ICHRAs Poses ACA Coding Risk first appeared on The ACA Times.

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ACA Times

SEPTEMBER 15, 2022

ACA open enrollment for the 2023 plan year is just over a month away, and this time, individuals may have more options and a better experience than years prior. We…. The post Upcoming ACA Open Enrollment Shaping Up To Be Strongest Yet first appeared on The ACA Times.

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ACA Times

AUGUST 11, 2022

Trends to eliminate discrimination in all facets of the workplace continue to take hold across the country. Health and Human Services (HHS) is the latest government agency to make this…. The post HHS Proposes Rule to Bolster ACA’s Section 1557 first appeared on The ACA Times.

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ACA Times

JULY 19, 2022

Now that we’ve cleared the 2022 halfway mark, it appears the IRS is on track to hit its goal of clearing the historic backlog by the end of the year.…. The post IRS Now Issuing Letter 5699 For 2020 Tax Year first appeared on The ACA Times.

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ACA Times

MAY 11, 2022

Last month the IRS published a proposed regulation that would amend the existing rule regarding employer-sponsored Minimum Essential Coverage (MEC) for family members of an employee. . The proposed rule would effectively solve the “family glitch” and make coverage more affordable for spouses and dependents, instead of just for the employee.

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ACA Times

APRIL 27, 2022

The last several years have been difficult for the IRS, but now that the historic backlog has an end date , the agency is making significant progress on a long list of to-do items, including issuing ACA penalties. Over the last month or so, we’ve heard from our partners, brokers, and new clients about the flurry of ACA penalties being issued from the IRS, namely, the notorious Letter 226J.

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ACA Times

FEBRUARY 22, 2022

This coming Monday, February 28, is the deadline for paper filing ACA Forms 1094-C and 1095-C to the IRS for the 2021 tax year. As a reminder, Applicable Large Employers (ALEs) with fewer than 250 1095-C forms can opt for the paper filing option for satisfying their ACA reporting requirements. If you’re paper filing your ACA information for the 2021 tax year and looking to make the deadline next week, then your filings should be in the mail already.

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ACA Times

FEBRUARY 9, 2022

The IRS is experiencing a massive mail backlog of unprocessed documents first caused by COVID-19. Included in that backlog of notices are ACA penalty assessments. To help the situation, the agency said it would be reassigning 1,200 employees to assist with the 2021 tax season distribution, which at the onset only compounded the backlog, making a bad situation worse. .

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ACA Times

JANUARY 18, 2022

Earlier this month the IRS issued a notice indicating that the fees associated with Patient-Centered Outcomes Research Institute (PCORI) are increasing this year. For plans that end on or after October 1, 2021, and before October 1, 2022, the PCORI rate per covered individual is $2.79. As a reminder for employers, the rate for covered individuals with plans that end on or after October 1, 2020, and before October 1, 2021, is $2.66.

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ACA Times

JANUARY 4, 2022

Employers ringing in the New Year should remember that several states ’ have additional ACA filing and furnishing obligations that must be completed for the 2021 tax year. To help you get a handle on the many state ACA deadlines, we’ve listed the due dates and reporting requirements for the 2021 tax year, to be filed in 2022, below. California . Self-funded employers and health insurance carriers in California must furnish healthcare information to their employees and their dependents by January

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ACA Times

DECEMBER 20, 2021

On December 9, 2021, the IRS published the final ACA reporting instructions for the 2021 tax year , including the final 1094-C and 1095-C forms. As expected, the forms and instructions are nearly identical to the draft forms released in July. Below we’ve covered what you need to know about the final ACA reporting instructions for the 2021 tax year. Two new codes for Line 14 of the 1095-C.

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ACA Times

DECEMBER 9, 2021

Employers preparing for a smooth 2021 filing season should keep in mind the important ACA deadlines to avoid IRS penalties. Every year, Applicable Large Employers (ALES) must file and furnish their ACA information to the IRS as required by the ACA’s Employer Mandate. Under the ACA’s Employer Mandate , ALEs, or employers with 50 or more full-time employees and full-time equivalent employees must: Offer Minimum Essential Coverage (MEC) to at least 95% of their full-time employees (and their depend

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ACA Times

NOVEMBER 30, 2021

In a rather surprising turn of events, the IRS released proposed regulations that add an automatic extension to the furnishing deadline of the ACA’s 1095-C and 1095-B forms. Under the proposed IRS regulations , employers will have up to 30 days extra from the annual deadline of January 31. While the proposed changes do not move the deadline, they effectively give employers a buffer period to assist with the annual furnishing requirements of the ACA’s Employer Mandate.

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ACA Times

NOVEMBER 18, 2021

With the Infrastructure Bill now officially signed into law, Congress will now shift its focus onto the $1.75 trillion Build Back Better proposal. In its current version, the plan could reshape U.S. healthcare and the ACA. To start, the plan allocates roughly $130 billion to expand Medicaid and reduce medical premiums for ACA coverage, according to CNBC.

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ACA Times

OCTOBER 28, 2021

On October 2, 2020, the IRS issued Notice 2020-76 , extending the deadline for employers to furnish ACA Forms 1095-C to applicable full-time employees from January 31, 2021, to March 2, 2021. Will the agency issue an extension for the 2021 tax year? To further align with the agency’s goals to identify ACA Employer Mandate non-compliance, it makes sense for the agency to not issue an extension.

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ACA Times

OCTOBER 7, 2021

It’s officially the final quarter of the 2021 tax year and that means tax season is right around the corner. What precautions is your organization taking to ensure a smooth ACA reporting experience this year? As an ACA Times subscriber, we’ve curated a list of the top three ACA resources to help ensure a smooth 2021 ACA reporting experience, to be filed and furnished in 2022. .

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ACA Times

SEPTEMBER 28, 2021

The fourth quarter is right around the corner and with it comes the inevitable tax filing season. Employers should give special attention to their ACA reporting obligations this year as there are a number of significant developments that will add complexities to the now seven-year-old reporting requirement. For FY 2022, the IRS is receiving nearly $1 billion in additional funding for tax enforcement, including the ACA’s Employer Mandate.

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ACA Times

SEPTEMBER 7, 2021

The Department of Health and Human Services (HHS) recently made available an FAQ specifying the cost-sharing reduction limits (CSR) for the 2022 tax year. In the FAQ , the HHS makes clear that the maximum out-of-pocket limit for plans beginning on or after January 1, 2022, will be $8,700 for self-only coverage and $17,400 for coverage beyond self-only. .

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ACA Times

AUGUST 17, 2021

The IRS recently issued a notice that further clarifies the usage of Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage as amended via the American Rescue Plan (ARP). IRS Notice 2021-46 expands on 2021-31 and identifies several parameters around COBRA continuation coverage in a question and answers format. Before diving into the specifics, it’s important to note how the ARP created changes to COBRA coverage for select individuals.

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ACA Times

JULY 28, 2021

Earlier this year the IRS released final regulations regarding the relationship between Employer Shared Responsibility Provisions (ESRP) and individual coverage Health Reimbursement Arrangements (HRAs). And then they were withdrawn by the Biden administration for review. In this piece, we will dive into what the regulations clarify and how employers should proceed.

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ACA Times

JULY 19, 2021

The IRS recently released its draft 1094-C and 1095-C instructions for the 2021 tax year. We’ve identified the changes below. . It appears that Form 1094-C will remain the same, but the instructions do include two new codes for use on Line 14 of the Form 1095-C: 1T and 1U. . According to the draft instructions , the 1T code is for use when the applicable individual and their spouse receive a Health Reimbursement Arrangement (HRA) offer of coverage from the employer, where the affordability was d

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ACA Times

JULY 18, 2016

It comes as no surprise that the Affordable Care Act (ACA) is favored more among Democrats than Republicans. However, perhaps the tides are changing, at least when it comes to federal funding. The Morning Consult reports that come 2017, ACA funding will remain in tact in Senate’s funding the Department of Health and Human Services (HHS) and the Labor Department.

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ACA Times

JULY 21, 2016

While employers have been urged to maintain ACA compliance when it comes to reporting the health care information of its employees, there’s more to it. The Employee Retirement Income Security Act of 1974 (ERISA) mandates that employees newly eligible for health care from their organization must receive a Summary Plan Description (SPD), which details their health care plan.

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ACA Times

JULY 25, 2016

For ACA naysayers, one argument posed is that the Affordable Care Act is all but affordable. However a recent study by Gallup suggests that most Americans can afford their health insurance, despite significant spikes in premium prices. Gallup reports that only 15.5% of Americans claim they can’t afford their health insurance. That’s a record-breaking low since Gallup first started conducting their research on health care affordability in 2008, two years before the Affordable Care Act came into e

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ACA Times

JULY 26, 2016

Applicable Large Employers, i.e. those with 50 or more full-time or full-time equivalent employees, have reluctantly taken to the ACA’s mandate for employer-sponsored health care for its employees. And while small businesses are in a somewhat better position with federal tax credits, it’s reportedly not enough of an incentive to actually cash out. The Government Accountability Office (GAO) issued an update regarding Code Section 45R, the small employer health insurance tax credit, during a meeti

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ACA Times

JULY 27, 2016

The June 30, 2016 deadline for employers to file their applicable 2015 health care tax return with theIRShas passed.For many employers, the damage is done.Skipped deadlines, misclassifications, and ignoring of notices regarding the Premium Tax Credit have left many employers bewildered and full of regret, expecting to dig into their pockets to pay penalties.

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ACA Times

JULY 28, 2016

The roles of independent contractors and full-time employees were often ambiguous in the past, as arguably employers’ means of classification relied in how the job was done versus who was doing the job (and for how long). However, the Affordable Care Act’s crackdown on employees receiving adequate health insurance has led to all sorts of issues arising from misclassification of employees.

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ACA Times

AUGUST 2, 2016

When the Affordable Care Act (ACA) was first enacted in 2010, it was with the understanding that changes would be made to the ACA after the fact. Health care reform was a difficult topic to tackle even 70 years prior, so six years ago this mission was always going to face growing pains. Now, as we are halfway through 2016, it’s important to understand what some of those changes are.

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