As a new calendar year begins, employers should remember ACA reporting obligations.
Applicable Large Employers (ALEs) (employers with more than 50 full-time employees on business days in the prior year) must comply with the Affordable Care Act. This compliance requires offering affordable, minimum essential coverage providing minimum value to full-time employees and their dependents. It also requires distributing 1095 forms to all full-time employees and employees with health coverage (whether full-time or not). Coverage and offer of coverage information must also be transmitted to the IRS with Form 1094.
ACA reporting runs on a calendar year basis. For non-calendar year health plans, this may require confirming full-time status and eligibility twice a year: Once starting January 2023 and again when the plan year starts. It is vitally important to track hours for all employees and offer affordable health coverage to all employees who calculate to be full time.
BAS provides a complete, comprehensive ACA data collection and reporting service. For more information, contact your account manager or solutions@basusa.com.
