MIS is here to help you prepare and navigate all of the changes & new opportunities in the world of employee benefits & individual insurance resulting from the Affordable Care Act (ACA). It is critically important for you, the insurance broker, to be well-informed so that you can guide your clients through these changes and help them make the best strategic decisions. MIS is your best resource for the latest HCR updates. In addition to the information provided here, you will continue to get your latest updates through broadcast emails, webinars and in-person training meetings at our office.
* Marketplace/Exchange Opportunities for YOU
* Value-Added Custom Employee Benefit Websites
* HCR Individual & Employer Group Calculators
* Other Important HCR Resources
Starting in "late 2017," the IRS will begin sending out penalty letters to Applicable Large Employers (ALEs) who they believe owe penalties for noncompliance with the Affordable Care Act's Employer Mandate for calendar year 2015.
These penalty notification letters will require the employer to respond within 30 days by either paying the penalty or by contesting the penalty through an appeal process that will require extensive documentation to prove the employer’s compliance with the “Pay or Play” mandate.
Do you have clients who are ALEs now? Are they complying with the mandate and providing some sort of benefits to their employees as required? It’s time to act now to prepare employers for 2018 and make sure they are protected from the penalties listed below.
There are two levels of penalty that can be assessed an employer:
The “A” penalty for not providing Minimum Essential Coverage. The penalty for 2015 is $2,080 times the number of full-time employees (less the first 80 for 2015). This penalty rises to $2,260 for 2017.
The “B” Benalty for not providing Affordable, Minimum Value Coverage. The penalty for 2015 is $3,120 for each full-time employee that receives subsidized coverage in the ACA marketplace. This penalty rises to $3,390 for 2017.
Attached below, you will find 2 attorney-developed charts that provide 2018 reporting requirements and deadlines for IRS Forms 1094 and 1095.
The 2018 ACA Information Reporting Checklist features key steps and guidelines to help large employers successfully complete IRS Forms 1094-C and 1095-C, including:
Methods of reporting
Required reporting information
Requirements for furnishing employee statements electronically
The 2018 ACA 1094/1095 Deadlines Chart will help your clients understand the ACA's filing requirements for:
Applicable large employers (ALEs)--generally those with 50 or more full-time employees
Self-insured employers with fewer than 50 full-time employees
We hope that this information can assist you and your clients.
MARKETPLACE/EXCHANGE OPPORTUNITIES FOR YOU
Private marketplaces/exchanges are a phenomenal marketing opportunity you cannot afford to miss out on! Direct all your individual clients to a Private Marketplacewebsite (either through MIS or your own personalized website) that offers multiple products as well as the ability to apply through the Public Marketplace for those that qualify for the federal health insurance subsidy.
Separate yourself from the competition. Provide your group clients with a customized Employee benefits website where employees can view information on all coverage (both employer-paid and employer-sponsored) and most importantly…YOUR contact information.
You can also upgrade to include a secured Employer webpage that provides a one-stop spot to access to each carrier’s rates, forms and other enrollment and service information for all employee benefits coverages.
Learn more about this low-cost, value-added benefit.