Who Form 1094 B Entities 2023-2024

Thank you for joining our presentation on information reporting required under the Affordable Care Act with updates for 2016, 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 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. Feel free to reach out to us with any questions, and we can help you through the 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 determined under Section 6056 of the law and it basically allows the IRS to audit your self-reported compliance with the employer mandate. The second reporting requirement is 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 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 provide this 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 the reporting requirement falls to you. So, if you are large and fully insured, you only have to comply with Section 6056. If you are large and self-insured, you have to comply with both 6056 and 6055. If you...