Starting in 2015, the Affordable Care Act requires that employers report information about the health care coverage they offer to employees. While the first filings are not due until March 1st of 2016 (March 31st if filed electronically, it’s never too early to begin working to ensure compliance.
- Internal Revenue Code Section 6055 applies to employers with self-funded or self-insured plans and to the insurer offering an insured plan. Employers and insurers must provide a list of covered individuals with identifying information and the months coverage was provided.
- Internal Revenue Code Section 6056 applies to “applicable large employers” (those with over 50 full-time equivalents) (FTEs) and requires a listing of all full-time employees and coverage offered to each, by month – including the cost of single (employee only) coverage.