On May 4th, after weeks of debate and iterations to Trump’s proposed repeal and replace Obamacare bill, the American Health Care Act (AHCA), the billed passed the House of Representatives. Now, it must pass the Senate.
In its current state, the AHCA grants states power to file waivers to offer less than the minimum essential coverage that the ACA mandates, as well as be able to charge higher premiums to those with preexisting conditions. The bill would also implement several tax cuts and phases to discontinue Medicaid expansion.
While the bill also proposes to eliminate the employer mandate that requires employers to offer minimum essential health coverage to full time employees, the ACA reporting requirements remain intake. In addition, the bill has yet to pass the Senate to become the new law in healthcare.
What does this mean for employers? First, Trump’s new healthcare reform bill has not been passed yet, meaning that the ACA is still in place. Employers must still report their offer of coverage and file 1094 and 1095 tax forms to the IRS, in 2018, for the 2017 plan year.
Secondly, the AHCA proposes no changes to employers’ reporting requirements; thus, even if the bill does get passed the Senate, employers must still perform the ACA reporting requirements. Watch Episode 2 of What the Healthcare for more details on the differences between Obamacare and the AHCA.
Web Benefits Design can help. We have the only integrated, full service ACA solution in the market. Our ACA compliance tool aggregates client’s historical benefits data, generates and populates 1094 and 1095 forms, and performs E-filing with the IRS on behalf of the client. We have a 99% accuracy rate on our tax forms, and our full service ACA suite includes several reports for employers, Call Center support, and downloadable employee W-2 forms.
Keep in mind the 2018 ACA reporting deadlines have been released:
• 1095 forms are due to employees by January 31, 2018
• 1094 and 1095 forms are due to the IRS by March 31, 2018
Besides the confusing and complex coding knowledge that employers must have in order to complete their ACA forms, the changes and shifts in healthcare legislation create more challenges and effort for employers and their HR professionals. It is better to be prepared with a full service benefits administration solution with an integrated ACA solution than to constantly struggle to monitor employees’ benefits data and updates to the legislation. Click HERE to learn more about our solution. If you need guidance, please call us at (877) 785-9360, or email us at email@example.com. We will guide you through your 2018 ACA reporting.