ACA Deep Dive Chart a Course of Compliance in a Sea of Change Thursday, September 27 2:00 PM ET
Legal Disclaimer This presentation is designed to provide general information and guidance related to the Affordable Care Act, but is not all encompassing and has not been customized for any client's particular situation. PlanSource does not provide legal or tax advice. To ensure compliance with the requirements imposed by the Affordable Care Act, we encourage you to consult your legal and/or tax counsel for advice specific to your particular situation. This information is provided on an "as is" basis without any warranty of any kind. PlanSource disclaims any liability for any loss or damage from reliance on this document. Further, this information does not create an attorney-client relationship.
Will the webinar be recorded? Yes! (We will send you a link to the recording after the webinar). 3
Will the slides be available? Yes! (We will send you a link to the PDF after the webinar). 4
How do you ask questions? Type your question into the Questions panel 5
Today s Speaker Danielle Nugent Senior Benefits and ACA Consultant PlanSource
PPACA: Where it s been A brief look back
History of PPACA Enacted in 2010 Goal How Provide more American s access to affordable, quality health insurance and reduce the growth in U.S. health care spending Expand affordability, quality and availability of public health insurance through consumer protections, regulations, subsidies, taxes and insurance exchanges Source: https://obamacarefacts.com/obamacare-facts/
New Benefits, Rights, and Protections Coverage denials Tax Breaks Employer Mandate Right to appeal decisions Individual mandate Insurance company limitations and protections Access to CHIP Coverage to age 26 Annual Limits Life-time limits Limitations on Rate Increases Small employer credits Medicaid Expansion Subsidies Pre-existing conditions Source: https://obamacarefacts.com/obamacare-facts/
Where the ACA Meets the IRS Minimum Essential Coverage Providers Applicable Large Employers Section: 6055 Health Insurance Providers as well as sponsors of self-insured health plans must file information with the Internal Revenue Service (IRS) about covered individuals. Section: 6056 Applicable Large Employers (ALEs) need to file information returns with the IRS and provide statements to their measured FTEs about the health insurance coverage offered. Source: http://www.nisbenefits.com/pdfs-6055-6056/code%20section%206055%20- %20What%20Information%20Must%20be%20Reported.pdf 10
What Are The Reporting Requirements? Due dates below are for the 2018 reporting year Health Insurance Providers Non ALE Self-Insured Employers Self-Insured ALE Employers Self-Insured and Fully Insured ALE Employers Section 6055 Form 1095-B Due to Employees January 31, 2019 Form 1094-B Electronically due to IRS April 2, 2019 11
Recent Developments in the ACA Repeal of the Individual Mandate
Repeal of Individual Mandate What happened? The ACA required every American who does not buy health insurance to pay a penalty The 2017 tax bill eliminated the individual mandate penalty starting in the 2019 tax year Form 1095 is still required for 2018 tax year 13
Repeal of Individual Mandate What does it mean? CBO predicts a drop in the number of people buying insurance, causing premiums to rise Fewer reporting requirements? Wait and see. 14
Complicated Stuff How Can Technology Help?
How Can Technology Help? 1 2 3 4 5 6 Measure Employees
How Can Technology Help? 1 2 3 4 5 6 Measure Employees Manage Stability Changes
How Can Technology Help? 1 2 3 4 5 6 Measure Employees Manage Stability Changes Capture Offers
Technology Needs 1 2 3 4 5 6 Measure Employees Manage Stability Changes Capture Offers Determine Form Coding
How Can Technology Help? 1 2 3 4 5 6 Measure Employees Manage Stability Changes Capture Offers Determine Form Coding Print and Mail Employee Forms Due to Employees January 31, 2019
How Can Technology Help? 1 2 3 4 5 6 Measure Employees Manage Stability Changes Capture Offers Determine Form Coding Print and Mail Employee Forms IRS Transmission and Corrections Initial Transmission Due on April 2, 2019
PlanSource ACA Demo 22
Q&A What would you like to know?
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ACA Deep Dive Chart a Course of Compliance in a Sea of Change Thursday, September 27 2:00 PM ET