The fourth quarter is a good time to make sure your business is compliant with the ACA (Affordable Care Act) requirements that take effect in 2015.
6 Things to Know for 2015
The delayed employer penalty kicks in next year for applicable employers, increasing the cost of non-compliance. Consult the checklist linked to below or contact us for details to see if the penalty applies to your business. If your business employs between 50 and 100 you may qualify for a 1 year delay, but it is not automatic and filings are still required.
Plans seeking transitional relief need to be created and in effect no later than December 31st, 2014.
Stay tuned for new rules and limits for Flexible Health Savings Accounts, expected later this year. Until the IRS releases new guidelines the $2500 limit currently in use remains in effect.
Transitional reinsurance fees will need to be paid for each enrollee, the rate for 2015 is $44 per year. HIPPA Certification of self-insured health plans will be required by the end of 2015. Insured plans may need to certify as well.
New coverage reporting requirements may require filings in just a few months, as early as February 28th. For additional information, please see our 2015 Compliance Checklist.