To make sure people have Minimum Essential Coverage (MEC), the Internal Revenue Service (IRS) needs reports to be sent by those who offer MEC. This is called Minimum Essential Coverage Reporting, or IRS Code Section 6055 Reporting. This applies to all group sizes, fully-insured and self-funded (ASO).
To check if employers are offering insurance that gives minimum value and is affordable to their full-time workers, the IRS needs reports to be sent by “applicable large employers” – those with 50 or more full-time workers. This is called Employer Mandate Reporting, or IRS Code Section 6056 Reporting, and applies to fully-insured and self-funded (ASO) employers with 50 or more full-time workers.
The first reports are due no later than March 31, 2016 for the 2015 coverage year (February 28 if using a paper report) and will be due every year. Statements also have to be sent to workers by January 31, 2016 (like W-2s) who have their information reported, and by January 31 every year going forward.
See the fact sheet for information on MEC reporting and frequently asked questions.
Look at this fact sheet for more about Employer Mandate Reporting.
Contact Steven Cosby with questions or to request more information and to schedule a
healthcare plan evaluation, savings analysis or group plan solution for your company.