Deadlines have passed – Penalties are coming

Filing deadlines have passed, penalites are comingAs we head into August with the 4th quarter rapidly approaching, the deadlines for the IRS required ACA form filings have passed. Unfortunately, a lot of employers still have questions or haven’t even filed yet.

Well back in July, the IRS held an Affordable Care Act Information Returns Program (AIR) webinar where they shared their publication, 1586. They covered a lot of information and clarified a lot of questions employers have been asking.

Just in case you aren’t sure what the AIR policies include;

Under the Affordable Care Act (ACA), insurance companies, self-insured companies, large businesses and businesses that provide health insurance to their employees must submit information returns to the IRS reporting on individual’s health insurance coverage.

ACA information returns include:  

  • Form 1094-B, Transmittal of Health Coverage Information Returns
  • Form 1095-B, Health Coverage
  • Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns
  • Form 1095-C, Employer-Provided Health Insurance Offer and Coverage

The 1596 publication made it clear that the penalties for incorrect forms or forms that haven’t been filed could devastate an employer’s bottom line.

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With this type of reporting, it’s more than just proofing your documents and filing. Employers need to consult professionals who can help them ensure their compliance. I have some good news though, some of these penalties are still preventable.

According to the IRS, corrections or late forms need to be filed as soon as possible. It’s better to file late then to not file at all. Don’t let these fines hit your business or your clients.

Use our years of experience and expertise and contact FreedomCare today to protect yourself and your clients.

The FreedomCare Difference

The FreedomCare DifferenceWith the fear of the Employer Mandate last year, savvy employers had to do something fast. Some rolled the dice and went with plans that were on the fence of whether or not their plans would be compliant with the laws.

With 2015 half over, a lot of companies have failed in multiple ways: poor administration, covered employees not receiving their cards, misinterpretation of the laws and more.

Now that you or your clients are looking for something else, what separates FreedomCare from the rest?

  • No application is needed for enrollment, we are able to auto-enroll employees from a census the employer submits via a secure site.

  • We handle the payment for the required PCORI fees on behalf of the employer.

  • We handle ALL COBRA administration on behalf of the employer.

  • A bronze level Minimum Value Plan (MVP) will be offered to all eligible employees. This program has no participation requirements for employers to meet.

  • In addition to the Minimum Essential Coverage (MEC) and MVP, employees have the ability to design a healthcare package that fits their health and financial needs through additional products available for them to purchase.

  • Flexible commission rates for brokers.

  • Unlimited 24/7 telemedicine program and discount RX program available to all employees at no additional cost.

  • Unused claims funding will be returned to the employer on a quarterly basis.

  • We assist the employer with the completion of required ACA forms (6055, 6056, 1094, 1095).

  • We supply our exclusive legal guarantee of compliance to employers that choose the Advanced and Preferred programs.

From day one we haven’t taken shortcuts, we don’t plan to start now. Our administration services can’t be beat. Give us a call today.