It seems like practically every week there are new headlines touting more changes coming as a result of the Affordable Care Act. With so many laws and requirements, how can anyone possibly keep up with all of it?
Sequoyah Group is always available to assist you with any ACA or other benefit-related questions you may have. In the meantime, here are the 5 main issues you’ll want to keep your eye on as the ACA reporting requirements loom closer.
1. Litigation Related to ACA
Numerous lawsuits have challenged various aspects of the ACA requirements. While it’s good to stay abreast of what’s going on in the courts, you should always proceed according to the current mandates until there’s a definitive ruling.
2. Employer Reporting Mandates
The IRS has released drafts of forms 6055 and 6056, which employers must use to comply with the law. They’re yet to be finalized, but the drafts can help get you started in the right direction.
3. Section 510 Liability
ERISA Section 510 is a provision that protects employees from having their hours reduced for the sole purpose of keeping them ineligible for benefits. If you do see a need to reduce an employee’s hours, you’ll want to make sure there’s no exposure for Section 510 claims.
4. Alternatives to Traditional Plans
As the cost of providing coverage for your employees increases, it’s a good time to look into non-traditional plans as a way of lowering cost. You’ll want to make sure, though, that the plan is legit and won’t expose you to any liability.
5. The Cadillac Tax
This excise tax on coverage that exceeds a certain threshold is slated to begin in 2018. It’s not too early to discuss with your adviser how you can structure your health coverage to avoid this 40{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} non-deductible tax.
For more information on these issues, you can read the full article on Employee Benefit Adviser or contact us with any questions you may have.