Free webcast by IRS on ACA Reporting of Minimum Essential Coverage (MEC) (6055)

The IRS will host a free webinar early next week on ACA Information Reporting including minimum essential Coverage (MEC), reporting requirements, forms and resources.

The webinar is scheduled for Tuesday, March 29th at 2 p.m. Eastern

Register for this event. You will use the same link to attend the event.

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How Covered Participants Receive Form 1095

In response to inquiries about how and when covered individuals will obtain Form 1095, the following information provides clarification of filing deadlines and resources available to aid plan sponsors (employers).

The IRS extended the deadlines for 6055 and 6056 reporting requirements. Plan sponsors of self-funded health benefit plans, and large employers (50 or more employees and their equivalents), must provide a statement (Form 1095) to full-time employees by March 31, 2016. Paper Forms 1094 and 1095 must be filed with the IRS by May 31, 2016, or electronically filed by June 30, 2016.

Plan sponsor of a self-funded health benefit plan, can review articles regarding the 6055 and 6056 reporting on this blog. Additional resources provided by Starmark are also available: Minimum Essential Coverage Reporting Requirements Sections 6055 and 6056 Reporting Requirements and 6055 and 6056 Reporting Frequently Asked Questions.

Further assistance regarding form 1095 can be found on the IRS.gov site:

Employers should consult a professional benefit adviser or legal counsel regarding how the law may impact their business and specific self-funded benefit plan.

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Starmark Report to Assist Employers with 6055 and 6056 Reporting Now Available

To assist with 6055 and 6056 reporting requirements, Starmark is providing employers with a report that includes dependent SSNs on file for those covered by the employer’s self-funded benefit plan, as well as the date of birth and the months each person had coverage under the plan.

The report is now available in the Document Center of the Starmark website (www.starmarkinc.com). It reflects the information we have on file as of December 31, 2015, and will not be modified. View a sample of the report here.

Please note that the IRS recently extended the deadlines for 6055 and 6056 reporting requirements.

Now, employers must provide a statement to the primary covered individual by March 31, 2016. Paper returns must be filed by May 31, 2016, or electronic returns filed by June 30, 2016.

Employers should consult a professional benefit adviser or legal counsel regarding how the law may impact their business and specific self-funded benefit plan.

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6055 and 6056 Reporting Deadlines Extended

This week, the IRS extended the deadlines for 6055 and 6056 reporting requirements.

Now, employers must provide a statement to the primary covered individual by March 31, 2016. Paper returns must be filed by May 31, 2016, or electronic returns filed by June 30, 2016.

Employers should consult a professional benefit adviser or legal counsel regarding how the law may impact their business and specific self-funded benefit plan.

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Cadillac Tax Delayed

President Obama has signed a bill suspending the Affordable Care Act’s Cadillac Tax, a 40 percent excise tax on certain high-cost, employer-sponsored health coverage, for two years.

The ACA had imposed the excise tax on the cost of coverage of an employer-sponsored plan exceeding $10,200 for single coverage and $27,500 for family coverage, effective for plan years on or after Jan. 1, 2018. The new law suspends the tax for 2018 and 2019 and makes it tax deductible.

Additionally, the law directs the Comptroller General to report to congressional committees on the suitability of using the premium for the Blue Cross/Blue Shield standard benefit option under the Federal Employees Health Benefits Plan as a benchmark for the age and gender adjustment of the applicable dollar limit for this excise tax.

 

 

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Three Things to Know About 6055 and 6056 Reporting

As the deadlines approach for 6055 and 6056 reporting, here are three things you need to remember:

  1. Collecting Social Security Numbers (SSNs):

According to IRS regulations, employers must make three attempts to obtain dependent social security numbers.

The initial solicitation must be made at enrollment, or if the individual was already enrolled on Sept. 17, 2015, during the next open enrollment. This initial solicitation may be made orally by phone or in person, in writing, or electronically.

If the SSN is not received during the first solicitation, a second attempt must be made at a reasonable time thereafter.

The third solicitation is required by December 31 of the year following the initial solicitation.

If employers are unable to obtain a SSN after making a reasonable effort to do so, the covered individual’s date of birth may be reported in lieu of a SSN.

  1. Starmark Report to Assist with Filing

Starmark will provide employers with a report that includes dependent SSNs on file for those covered by the employer’s self-funded benefit plan, as well as the date of birth and the months each person had coverage under the plan.

The report will be available in the Document Center of the Starmark website (www.starmarkinc.com) as of January 5, 2016. It will reflect the information we have on file as of December 31, 2015, and will not be modified once it’s been posted to the Document Center. View a sample of the report here.

  1. Filing Due Dates

Employers must provide a statement to the primary covered individual by January 31, 2016, and file paper returns by February 28, 2016, or electronic returns by March 31, 2016.

For more detailed information about 6055 and 6056 reporting requirements, view these presentations:

Employers should consult a professional benefit adviser or legal counsel regarding how the law may impact their business and specific self-funded benefit plan.

 

 

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Filed under 6055/6056 Reporting, Healthcare reform

7 Myths of ACA Reporting

Employee Benefit News recently posted a short slide show highlighting seven myths of ACA reporting to help employers comply with the law and avoid penalties.

Click here to view the slide show and learn more about tracking, full-time equivalent employees, and more.

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