Blog By: Beth Ede, SPHR
On April 26th, the Internal Revenue Service (IRS) released three notices – all of which invite comments on the upcoming reporting requirements under the Affordable Care Act. Comments on all three notices are due by June 11, 2012.
In a nutshell – here is an abbreviated summary of each IRS notice:
This notice describes and requests comments on possible approaches to determining whether health coverage under an eligible employer-sponsored plan provides “minimum value”. These approaches would then be used to determine eligibility for individuals to receive a premium tax credit when using a state-based exchange to purchase health coverage. This should be of importance to most large employers as it will create a penalty or tax situation for them.
This notice invites comments concerning the reporting requirement for health insurance issuers, government agencies, employers that sponsor self-insured plans, and others that provide minimum essential coverage. The first annual returns reporting this information would be filed in 2015.
This notice invites comments on the upcoming reporting requirement for applicable large employers who will be subject to the employer shared responsibility payment under health care reform.