The health care reform legislation imposes several administrative responsibilities upon employers, which are tied to information reporting and streamlining electronic transactions around group health insurance. These responsibilities are multi-faceted and help in the administration of many health reform laws. Some of the rules impact employers differently based on how their group plans are funded or insured.
Employers should become familiar with each:
Large Employer Reporting
Minimum Essential Coverage Reporting
Health Plan Identifier (HPID)
Form W-2 Reporting
Notice of Coverage Options
Large Employer Reporting
Starting with health coverage offered in 2015, employers with 50 or more full-time employees and/or full-time equivalents must provide the Internal Revenue Service (IRS) and their employees information about the coverage offered during any given calendar year. The 2015 reporting is first due in early 2016 in tandem with other tax-filing documentation. The information will confirm the employer’s compliance with the “employer mandate,” including:
Whether the employer offered all full-time employees and their dependents the opportunity to enroll in “minimum essential coverage” (MEC), and
Each full-time employee’s required contribution to the cost of the lowest cost plan that provides “minimum value.”
The IRS reporting forms will identify the specific data required to be reported. Examples of data required to be reported include:
Employer contact and tax information, including a contact person’s name and phone number
Certification that full-time employees (FTE) and dependents were offered an opportunity to enroll in MEC, by calendar month
Number of FTEs for each month, and months for which MEC was available for each FTE
Each FTE’s share of lowest cost monthly premium for self-only coverage of minimum value standards, by calendar month
Name address and Social Security Number (SSN)/Tax Identification Number (TIN) for each FTE, and each month of coverage
Read the full article here.
Contact Steven G. Cosby, MHSA with questions or to request more information and to schedule a healthcare plan evaluation, savings analysis or group plan solution for your company.
