|The New Year will ring in new compliance reporting responsibilities for employers under the Affordable Care Act (ACA).|
|The ACA added sections 6055 and 6056 to the Internal Revenue Code, requiring that all applicable large employers (ALE) (employers that employed an average of at least 50 full-time employees plus any full-time equivalent employees during the preceding year) file an annual report that ensures compliance with the employer mandate.|
|ALE members that sponsor self-insured health plans are required to report to the IRS whether they offer a health plan that provides MEC or an MVP, as defined by the ACA, and furnish employees with the information required under sections 6055 and 6056 on a single form.|
|The reports will be made using IRS Forms 1094-C and 1095-C.|
|Employers who do not submit an annual IRS return or provide individual statements to all full-time employees may be subject to a penalty of up to $250 per return, with a maximum annual of $3 million.|
|There are two classes of self-funded employers that must make a filing. They are:|
|Self-funded with fewer than 50 employees:|
|1.||Send employees Form 1095-B by January 31, 2016|
|2.||File Forms 1094-B and 1095-B with the IRS electronically by March 31, 2016|
|Self-funded with 50 or more employees:|
|1.||Send employees Form 1095-C by January 31, 2016|
|2.||File Forms 1094-C and 1095-C with the IRS electronically by March 31, 2016|
|Do your clients have an affordable and meaningful plan that protects them and their employees from the ACA excise tax penalties?|
|We can show you an intelligent way to effectively balance the ACA excise tax exposure for employers and provide low cost solutions for employees.|
|Download the KeySolutions 5M Program™ Employer Pay flyer and request the 5M Benefit Options sales aide when you call.|
|This is not tax or legal advice. An employer should seek the expert assistance of its own legal or tax adviser.|
|The underwriting company for the Accident Expense, Accident Indemnity, Critical Illness, Dental, Short Term Disability and Whole Life Insurance Products is Reserve National Insurance Company, a Kemper Life & Health Company. Kemper Corporation (NYSE: KMPR) is one of the nation’s leading insurers, with subsidiaries that provide an array of products to the individual and business markets. Kempers’ underwriting companies are rated “A-” (Excellent) by A.M. Best Company, a leading insurance industry rating authority. Kemper Corporation is not responsible for the products of any of its underwriting companies. The underwriting company for the Hospital Indemnity, Gap, Limited Medical, and Vision Insurance Products are Fidelity Security Life Insurance Company (FSL). FSL is rated “A-” (Excellent) by A.M. Best Company. FSL is not financially affiliated with Kemper Corporation. All products are subject to the terms, conditions, limitations and exclusions of the specific policy.The Kemper Benefits Gap insurance plan is not “minimum essential coverage” under the federal Affordable Care Act. Lack of “minimum essential coverage” may result in a tax penalty.
The Kemper Benefits Gap insurance plan is not “minimum essential coverage” under the federal Affordable Care Act. Lack of “minimum essential coverage” may result in a tax penalty.
Neither Reserve National Insurance Company, FSL, nor their agents, representatives, associates or employees render legal or tax advice. The employer should seek the expert assistance of its own legal or tax adviser.
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