Who Form 1094 B Entities 2022-2023

Instructions and Help about Who Form 1094 B Entities

Thank you for joining our presentation on information reporting required under the affordable care act with updates for 2023 as well as a case study for reporting examples I am rich Wilbur with Hartman employee benefits just a quick disclaimer of course that this is presentation is intended to be for informational purposes only specific guidance for your own group and your reporting requirements should be given by appropriate counsel I feel free to reach out to us with any questions and we can help you through specifics so the reporting requirement applies in two different ways if you are an applicable large employer or if you are self-funded you will have a reporting requirement I'm going to assume for purposes of the presentation that employers are generally aware if they are considered an applicable large employer this is a Armen under Section 60 56 of the law and it basically allows the IRS to audit your self-reported compliance with the employer mandate the second reporting requirement for self-funded plans not fully insured but if you are self-funded this section 6055 requirement allows the IRS to track minimum essential coverage that is that your employees are enrolled in this isn't really so much an employer requirement as much as it is about an issuer of coverage so as a self-funded plan you are the issuer of minimum essential coverage and all issuers of coverage have to prthis reporting to the IRS in general that's going to come from a fully insured health insurance company but when you are self-insured you become the issuer of that coverage and in the reporting requirement Falls to you so if you are large and fully insured you only have to comply with section 60 56 if you are large and self-insured you have to...