Final rules describe ACA health coverage reporting requirements for 2015

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04/23/2014 by Human resource services
Final rules describe ACA health coverage reporting requirements for 2015

At a glance

Final regulations on ACA reporting requirements give needed guidance to employers and insurers who must report to the IRS about 2015 health coverage.


Final regulations on reporting requirements of the Affordable Care Act (ACA) give needed guidance to employers and insurers who must report to the IRS about 2015 health coverage. The reports will provide information the IRS needs to enforce both the individual mandate and the employer mandate. These reports will also enable the IRS to administer tax subsidies available to certain individual taxpayers for purchasing insurance on an exchange. Under the new regulations, employers and insurers must compile monthly information on the health coverage they offer and on covered individuals and report this information to the IRS and covered individuals. Employers generally must compile monthly information on full-time employees and their health coverage, and report this information at the end of each year to the IRS and full-time employees. Some simplified reporting will be available. The first reports must be issued early in 2016 based on 2015 health coverage. IRS forms for these reporting requirements are being developed and will be made available in the future.