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What Are Safe Harbors Under The ACA

WEBA Safe Harbor is a method by which employers are able to prove that the health insurance that they offered to their employees was affordable. The ACA requires …

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ACA Explained: Waiting Periods

WEBWhen the Affordable Care Act was passed, it stated that full-time employees must be offered health insurance coverage that meets minimum essential coverage and …

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How to Determine Employee Eligibility for Health Coverage

WEBSo now that you know all of the hours to consider, there are three ways to determine an employee’s eligibility for an offer of health insurance coverage: 1. You can …

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What Is The Difference Between Fully Funded And Self …

WEBThe most notable difference between the two is the level of financial risk that the employer takes on. The employer who chooses a fully-funded option assumes less …

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The IRS is Increasing ACA Penalties for Tax Year 2023

WEBThe Affordable Care Act requires that applicable large employers and other providers of health insurance coverage report certain information to the IRS using Form …

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What Are Safe Harbors Under The ACA

WEBThe ACA requires that applicable large employers (employers with 50 or more full-time equivalent employees) report their health insurance offerings to the IRS. …

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An Overview of IRS ACA Penalties for Employers and Coverage

WEBThe increased ACA penalty rates under section 4980H (a) for the 2023 tax year : $240 per employee per month. $2,880 per employee (total for the year) 4980H (b) …

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ACA Explained: Stability Periods

WEBApplicable Large Employers (ALEs) who have a significant amount of variable employees face special challenges under the Affordable Care Act’s employer …

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What Is MEC And Why Should You Care

WEBMEC stands for minimum essential coverage. This means that under the Affordable Care Act, health plans must meet a minimum level of coverage in order to be …

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New IRS Codes for the 2020 Forms 1095-B and 1095-C

WEBImpact of ICHRA on Form 1095-B. Mandated filers who are offering an ICHRA, will also need to provide the plan information in their ACA reporting on Form …

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What Are Risk Corridors

WEBThe Pro’s of Risk Corridors. Risk corridors were put in place to help stabilize the health insurance market. While risk corridors are a somewhat controversial aspect …

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The IRS Releases New 1095 Draft Instructions for 2024

WEBWhat is the New E-filing Threshold for 2024? In the past – meaning the 2023 calendar year and earlier- businesses were permitted to file up to 250 paper forms with …

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How To Correctly Determine Your ALE Status

WEBThe experts at ACAwise are here to make it easier. We have created an ALE calculator that will help you determine your ALE status that will help you determine …

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An Employer’s Guide to IRS Form 1095-C

WEBAn ALE that sponsors a self-insured health plan must file Form 1095-C to report the information about each individual enrolled in such coverage. An employer with …

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What are the ACA Reporting Responsibilities of an ALE

WEBDefinition of an ALE. These employers are mandated reporters under the ACA. Therefore, they must submit Form 1094-B / Form 1094-C and Form 1095-B / Form …

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The IRS Releases New Drafts of ACA Forms 1095 for 2023 ACA …

WEBWhile there are no notable changes to the 1095 forms for the 2023 tax year, there is a major update to the IRS filing thresholds. The IRS currently allows businesses …

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Full-time vs. Full-time Equivalent: Why the Difference is Crucial

WEBFull-time equivalent employees are a combination of part-time employees. When the number of hours they work is added up, it equals the hours of a full-time …

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Form MA 1099-HC Filing Requirements for Employers

WEBThe following information must be included on Form MA 1099-HC: The name and Federal Tax ID of the responsible insurance company or administrator. Information …

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