Tips for Remaining ACA Compliant in 2018
While the presidency might have changed, businesses can still expect to have to take steps to remain compliant with the Affordable Care Act. With 2018 in full swing, Sackett & Associates Insurance Services is here to do what we can to provide you not only with top-notch and affordable employee benefits, but help you make sure you remain ACA compliant. Here’s what you can expect for the new year:
Check Your Eligibility
One of the first things you’ll want to do is see if your business is required to follow the most current ACA requirements for health insurance. Specifically, you might be what’s known as an Applicable Large Employer who, during the previous calendar year, has an average of at least 50 full-time and full-time equivalent employees. Feel free to let us know if you need any help determining your eligibility.
See That All Necessary Employees Have Minimum Coverage
Next, at least 95 percent of your qualifying employees must have “minimum essential coverage” for you to remain compliant. Affordable percentages of an employee’s monthly household income for coverage are:
- No more than 9.65 for the 2016 plan year
- Less than 9.69 for the 2017 plan year
- No more than 9.56 (lower because of the increased poverty level in most states) for the 2018 plan year
In regards to the minimum value of that coverage, that refers to how much the plan covers. That minimum value also has to take care of at least 60 percent of medical expenses on average for a traditional employee population.
Fill Out and Submit All Necessary Compliance Forms
Once you’ve successfully determined you’re eligible, and while you’re making sure your company’s workforce has minimum coverage, you’ll also want to see that you fill out and file all ACA compliance paperwork; specifically, Forms 1094-C and 1095-C. This not only requires time and effort on your part, but also with the help of your employees, so make sure everyone has plenty of time to get all information and documents turned in.
Keep All Deadlines in Mind
As for when you’ll be expected to file all necessary compliance forms to the IRS, the dates for Form 1094-C are:
- February 28, 2018, for the mailed deadline
- April 2, 2018, for the digital deadline
Form 1095-C needs to be given to your employees by March 2, 2018, and the filing deadlines are:
- February 28, 2018, for the mailed deadline
- April 2, 2018, for the digital deadline
We recommend that you set these deadlines earlier than they actually are. That way, you give yourself a bit of a grace period if for any reason you miss that deadline. You always want to be on your toes whenever the IRS, your employees or your business are on the line, and that’s especially true when you think about the fact that you can be financially penalized for non-compliance.
For more dependable information on what you can do to better ensure you remain fully ACA compliant this year, contact us online, like us on Facebook, find us on LinkedIn and be sure to subscribe to our blog.