- Slides: 8
The Affordable Care Act and YOU Presented by: Rae Anne Beaudry, Executive Vice President
What’s on the Radar § Health Plan Identifier Number (As of October 31, 2014 – Delayed indefinitely) § Open Enrollment and Waivers (Should obtain waivers) § W-2 Reporting – All in 2015 for 2014 § 6055 MEC (Minimum Essential Coverage) § 6056 ALE (Applicable Large Employer) § Re-Insurance Tax - Reporting due Dec. 5 th (delayed from 11/17) and payment early next year § Notices (Medicare D – Credible Coverage, etc. )
Section 125 § New Qualifying Events § Do you contribute to your employees’ Flex accounts? § If yes, and more than $500 per year, it’s another health plan and reinsurance tax is due § New Allowance for Medical Reimbursement Accounts ($2, 550 for 2015) § Carryover vs. H. S. A. Contributions
Employer Mandate Effective 1/1/15 § Failure to offer § Affordability § 50 -99 Transitional Period
Outline for Initial Lookback Periods § Identify what types of employees are affected § § § Full time employees Employees reasonably expected to work 30 hours per week Part time employees Variable hour employees Seasonal employees § Ongoing employees vs New hires
Outline for Initial Lookback Periods § Ongoing employees § Measurement period § Stability period § New hires § § Measurement period Stability period Transition into ongoing employee status Full time status vs part time status
Domestic Partner Coverage vs Same Sex Spouse • Who qualifies as a domestic partner in WI? Spouse? • Ability to offer coverage and tax consequences • Amending your plans to allow newly eligible dependents • Family Medical Leave Amended to Add Definition of Same Sex Spouse (doesn’t discuss partners) • What can or should you do with your plans if the WI Constitutional ban on same sex marriage is overturned?