Since its inception, the Affordable Care Act has raised many questions for employers who want to ensure that they are compliant with the law and that their business is protected. There are also many complex issues surrounding the Affordable Care Act, which is why relying on an expert in the field is crucial.
For example, under Internal Revenue Code Sections 6055 and 6056, the Affordable Care Act requires certain employers and health coverage providers to report information about the health coverage they offered or provided during the year. Reporting under Sections 6055 and 6056 is first required in early 2016 for coverage offered or provided during the 2015 calendar year.
Group Benefit Strategies, LLC has a number of resources available to help our clients navigate these new reporting rules, including our two new Reporting Workbooks. Our clients, Briefcase Benefits users, have access to both of these tools.
1. Section 6055 Reporting Workbook
• Helps health insurance issuers, sponsors of self-insured health plans and other entities that provide minimum essential coverage to record information needed to complete Form 1094-B and Form 1095-B for each individual who is provided with this coverage.
2. Section 6056 Reporting Workbook
• Helps applicable large employers to record information needed to complete Form 1094-C and Form 1095-C for each full time employee.
• Allows employers to use the general reporting method to alternative reporting methods, as applicable.
• Includes sections for combined reporting under both Section 6055 and Section 6056.
• Provides detailed background information on the Section 6056 reporting requirements. I95
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