There are a number of health and welfare plan action items to address as 2016 closes and 2017 begins. In addition, many employers are wondering how these action items may be affected by the November election results. We have addressed these action items and the possible effects of the election results in our HB Health and Welfare blog here, including: Affordable Care Act (?Ç£ACA?Ç¥) reporting for 2016 (i.e. Forms 1094/1095) and related issues; Issues that may impact plan design and/or written materials, such as the ACA, recent wellness regulations, and federal agency enforcement activity; and Certain other reporting and communication requirements.
Extension of Due Dates for 2016 Individual Statements Under Affordable Care Act Information Reporting
In Notice 2016-70 (the ?Ç£Notice?Ç¥), the IRS extended the due date, from January 31, 2017 to March 2, 2017, for employers (including so-called ?Ç£applicable large employers?Ç¥), insurers, and other providers of ?Ç£minimum essential coverage?Ç¥ in 2016 (?Ç£Reporting Entities?Ç¥) to furnish statements to individuals on IRS Forms 1095-B and 1095-C, pursuant to the Affordable Care Act?ÇÖs information reporting requirements (the ?Ç£ACA Reporting Requirements?Ç¥). The Notice also extends the IRS?ÇÖs transition relief from penalties that Reporting Entities could otherwise incur for incorrect or incomplete information reported on their 2016 information returns. To obtain this relief, a Reporting Entity must show that it made a good faith effort to comply with the ACA Reporting Requirements in furnishing statements to individuals and filing with the IRS. Notably, the Notice does not extend the due date under the ACA Reporting Requirements for Reporting Entities to file their 2016 information returns with the IRS. Accordingly, that… Continue Reading
The IRS recently released final instructions for the 2016 Forms 1094 and 1095.?á Highlights of the changes and clarifications included in the final instructions are provided below. While a of the few items are ?Ç£neutral?Ç¥ and merely reflect pre-programmed changes under the Affordable Care Act that were already known and set to occur, many of the changes and clarifications are welcome news. Form 1094-B Highlights There are no substantive changes for 2016. View the 2016 Form 1094-B here. Form 1095-B Highlights The statement, ?Ç£Do not attach to your tax return. Keep for your records.?Ç¥ was inserted underneath the main heading, suggesting that the form will continue to not be required for direct substantiation purposes as part of a personal income tax filing in the future. Part I, Lines #2 and #3 and Part IV, columns (b) and (c) have been updated to reflect that TINs may be substituted for SSNs.… Continue Reading
On April 20, 2016, the U.S. Departments of Labor, Health and Human Services, and Treasury issued a set of Frequently Asked Questions (?Ç£FAQs?Ç¥) addressing certain provisions under the Affordable Care Act, the Mental Health Parity and Addiction Equity Act of 2008 (?Ç£MHPAEA?Ç¥), and the Women?ÇÖs Health and Cancer Rights Act of 1998 (?Ç£WHCRA?Ç¥). The FAQs provide guidance on several topics, including coverage of colonoscopies and contraceptives, rescissions of coverage, disclosures required for claims related to out-of-network emergency services, coverage for individuals participating in approved clinical trials, reference-based pricing, various topics related to the MHPAEA, and coverage under the WHCRA. The FAQs are available?áhere.