25 Wednesday Feb 2015
Posted in ACA Analysis and Oversight, Legal & Compliance
It’s common for employers to think about their health plans only during open enrollment, when you’re considering plan design changes and offering benefits to your employees. This year, with the Affordable Care Act in effect, you’ll have to be sure to address additional items throughout the year – more than just new enrollments, election changes and claims issues. Continue reading
18 Wednesday Feb 2015
Posted in ACA Analysis and Oversight, Legal & Compliance
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Over the last few weeks we have been receiving many calls from our clients inquiring what type of documentation they could provide to their employees for proof of healthcare coverage when filing their 2014 tax return. We wondered why employees were looking for this, since the ACA does not require such proof of coverage for 2014. Under the ACA, for 2014 individuals were mandated to either be enrolled in a healthcare plan or pay a penalty. However, due to many changes in the ACA law and the impending implementation of the reporting requirements in 2016 (based on 2015 enrollment), the IRS is not requiring proof of medical coverage for 2014 individual tax filings. Instead, they are considering that the health plan enrollment information will be provided by individuals on the “honor system” when filing their 2014 tax return. Continue reading
Bell Associates 