Posts Tagged ‘ACA’

The Latest Hays Compliance Department Updates

Recently, updated guidance has been received from the Federal Government with respect to the ACA, including release of updated health plan “Benefit and Payment Parameters” for 2017. For your information, we have summarized these updates below.

2017 Benefit and Payment Parameters:

On February 29, 2016,  the US Health and Human Services (HHS), Treasury and Labor Departments finalized rules addressing 2017 Benefit and Payment Parameters for essential health benefits.  The guidance issued is summarized in the linked “Fact Sheet”.  Highlights of the changes affecting health plans under the proposed rule include:

  • Annual out-of-pocket maximums for health plans (other than HDHPs with HSAs) will be indexed in 2017, to $7,150 for individual coverage and $14,300 for family coverage.
  • HHS proposes to “codify statutory language” defining whether a new entity that was not in existence throughout the preceding year is a “large employer” subject to the play-or-pay mandate.   The statutory language, when finalized, will reflect that the determine will be based on the number of employees it expects to employ on business days in the current calendar year.
  • The individual cost exemption for 2017 from the individual shared responsibility requirement will index to 8.16% of adjusted gross household income.
  • The Exchange open enrollment period for coverage beginning in 2017 and 2018 will begin November 1 and end the following January 31.  For coverage beginning in 2019 and subsequent years, Exchange open enrollment will be from November 1 through December 15.

Click here to find an ACA Compliance Bulletin that contains further details, for your reference. If you have any questions, please contact your local Hays Consultant.

ACA Reporting Deadlines Delayed

Today the Internal Revenue Service presented employers with an early holiday gift.

The IRS released Notice 2016-4 to delay the due dates for the 2015 information reporting required by the Affordable Care Act (ACA).  Specifically the notice extends the due dates for:

  • Furnishing the 2015 Forms 1095-B and 1095-C to individuals, from Feb. 1, 2016, to March 31, 2016; and
  • Filing the 2015 Forms 1094-B, 1095-B, 1094-C and 1095-C with the IRS, from Feb. 29, 2016, to May 31, 2016, if not filing electronically, and from March 31, 2016, to June 30, 2016, if filing electronically.

Filers are not required to submit any request or other documentation to the IRS to take advantage of the extended due dates provided by Notice 2016-4.

Despite the delay, employers and other coverage providers are encouraged to furnish statements and file information returns as soon as they are ready.

For more information on Section 6055 and 6056 reporting, penalties for reporting failures and impact on individuals, you may download our comprehensive compliance report here.