Affordable Care Act (ACA) generally requires individuals to obtain healthcare insurance; compels Applicable Large Employers (ALEs)¹ to offer affordable coverage to all of their full-time employees; and provides subsidized healthcare premiums to qualifying individuals who purchase coverage through the healthcare marketplace. In order to collect data needed to enforce compliance with the individual and employer mandates and validate qualification for premium subsidies, the IRS created ACA information reports (Form 1094-B, 1095-B, 1094-C and 1095-C).

YOU HAVE A REPORTING OBLIGATION IF YOUR ORGANIZATION IS:

• An ALE
• A small employer with a self-insured healthcare plan

WHICH INFORMATION REPORTS APPLY?

• ALEs file Form 1095-C for each full-time employee (submitted with a Form 1094-C transmittal)
• Small employers with self-insured plans file Form 1095-B for each covered employee (submitted with a Form 1094-B transmittal)

HOW CAN SOMERSET HELP?
Compliance

• Prepare Forms 1095 and Form 1094 based on information you provide
• E-file with the IRS
• Print and mail the Forms 1095 to each employee

Consultation and staffing

• Provide consultation to help ensure accuracy of the information report data, including the offer of coverage and enrollment monthly indicator codes for each full-time employee – which drives the penalties assessed for noncompliance with the employer mandate and qualification for premium subsidies.

Data extraction

• Somerset’s Technology Solutions group will work to extract the required information from your organization’s payroll and benefits systems.

GET IN TOUCH WITH US!
Contact your Somerset advisor today to find out how we can help you navigate through the ACA Information Reporting.

¹ An Applicable Large Employer is an employer that has at least 50 full-time plus full-time equivalent employees when taking into account all employees in its controlled group and its affiliated companies.