Affordable Care Act Updates: Employer Mandate in Effect
Note: January 1, 2015, two (2) requirements of health care reform went into effect. Thereby, beginning the first phase of the Employer Mandate, the “Pay or Play” provision.
Once fully implemented, the “Pay of Play” provision of the Affordable Care Act will require all employers with 50 or more full time equivalent (FTE) employees to offer a certain level of health insurance coverage at an affordable rate to all full-time employees or face a possible penalty.
For 2015, only non-compliant large employers, with 100 or more employees, will face penalties. Employers with 50 – 99 employees will have until 2016 to comply (as long as the organization did not reduce its workforce or workers hours without a bona fide reason).
With implementation of the Employer Mandate is the new IRS reporting requirements. Now is the time to begin tracking data. The IRS draft samples for both required reporting forms 1094-C and 1095-C can be found at: IRS Forms
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