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Quick Facts The Internal Revenue Service (IRS) has released the 2021 IRS Affordable Care Act (ACA) Reporting Forms 1094 and 1095 and proposed regulations that permanently change the deadline for employers to provide copies of Form 1095 to employees. The final forms contain very few changes from prior years. The proposed final rules make permanent the 30-day extension the IRS has allowed in previous reporting years. Employers required to comply with state individual mandate reporting requirements may face different deadlines. Background The IRS has released the 2021 IRS ACA Reporting Forms 1094 and 1095 and proposed regulations that permanently …

Quick Facts Since 2012, employers with greater than 250 employees must annually report the aggregate cost of healthcare coverage on employee W-2s. The aggregate cost is the entire plan cost, including both the employer and employee contributions. Certain excepted benefits are not required to be included in the aggregate healthcare cost. Background It is the time of year when large employers need to include the cost of healthcare coverage in employee W-2s. The Affordable Care Act (ACA) requires employers to report the “aggregate cost” of certain types of employer-provided health coverage on an employee’s W-2 …

Quick Facts The Internal Revenue Service (IRS) recently released IRS Notice 2022-4 updating the Patient-Centered Outcomes Research Institute (PCORI) fees for plan years ending on or after October 1, 2021, through September 30, 2022. The payment for the respective plan years will be $2.79 per covered life. Plan sponsors may use one of three methods to determine the average number of covered lives for reporting and paying the PCORI fee. Background On December 21, 2021, the IRS issued Notice 2022-4, providing the adjusted PCORI fees for plan years ending in October 2021 through September 2022. Employers …

Quick Facts A new disclosure requirement from the Illinois Department of Labor (IDOL) requires employers sponsoring health plans in Illinois to disclose a written list of offered benefits compared to the list of essential health benefits offered by the State of Illinois. According to the rule, because the requirement is on employers, not insurance plans, the disclosure is not preempted by the Employee Retirement Income Security Act (ERISA). The IDOL provided a sample chart of essential health benefits employers can use to fulfill the disclosure requirement. There are penalties for failure to comply. Background On August 27, 2021, the Consumer …