ACA stands for the Affordable Care Act, also known as Obamacare. President Barack Obama signed the act into law on March 23, 2010.
Whether small or large, fully insured or self-funded, the ACA requires employers, benefit administrators, and insurance companies to comply with the act as it exists or may be changed in the future.
Here’s what you need to know about ACA reporting.
Do you provide Minimum Essential Coverage (MEC)? Examples include health insurance issuers and employers with self-insured health plans.
If so, you'll need to use Forms 1094-B and 1095-B.
These forms let you report information about the coverage you provided last year.
Are you an Applicable Large Employer (ALE)? These are companies that had 50 or more full-time employees last year. This tally would also include full-time equivalents.
If you're an ALE, you'll need to use Forms 1094-C and 1095-C.
These forms allow you to report what health coverage you offer full-time employees. They also report what health coverage you don't offer.
ACA reporting under Sections 6055 and 6056 for the 2020 calendar year is due in early 2021.
The original deadline for individual statements was January 31, 2021. But the IRS issued Notice 2020-76 on October 2, 2020, to extend the furnishing deadline.
Notice 2020-76 does NOT extend the due date for filing forms with the IRS for 2020. Notice 2020-76 also provides more penalty relief. This relief relates to furnishing forms to individuals under Section 6055.
Despite the delay, the IRS encourages you to furnish statements as soon as possible.
You won't need a request or other documentation to qualify for the extended deadline.
Our MI E-Navigator offers assistance for our customers to stay compliant and manage risk. You may also contact any member of our servicing team if you have any questions. We would be more than happy to provide you with additional information and resources.
MI E-Benefits is a group insurance brokerage company. As such, we’d be more than happy to help you shop for competitive group insurance quotes. We’re proud to serve Washington, Traverse City, Lansing, and surrounding Michigan areas.
To transfer or start a group benefits package, call MI E-Benefits at (833) 921-2888. Our group insurance brokers are ready to help your company and employees thrive!
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