The proposed regulations include options to reduce or streamline information reporting, such as limited reporting for certain self-insured employers offering no-cost coverage to employees and their families, allowing insurance issuers to report only the months of coverage rather than specific dates and allowing employers to report the specific cost for a worker purchasing employer-sponsored coverage only if the cost is over a specified dollar amount.
The PPACA requires information reporting on minimum essential coverage from insurers, self-insuring employees and others who administer health plans. It also requires information reporting by companies subject to the employer mandate, which requires businesses and companies with 50 or more employees to offer health insurance to those employees or pay a penalty starting in 2015. The rule was originally slated to begin January 2014. However, this summer the federal government delayed the mandate’s implementation to allow more time for simplifying reporting requirements and to give the government more time to adapt health coverage and reporting systems.
The proposed rules reflect comments from an ongoing dialogue between federal officials and stakeholders such as employers, according to a news release. Stakeholders can submit comments on the proposed regulations through early November. Once the final rules are developed and published, the Treasury and IRS encourage insurance providers, employers and others affected by the rules to voluntarily start information reporting before it’s officially required.
More Articles on the Employer Mandate:
GOP Lawmakers Ask For Employer Mandate Delay Details
Employer Mandate Delay Will Have Minimal Effect on Coverage, Study Says
Employer Mandate Delay Will Cost Government $12B, CBO Says
