It’s that time of year! Both individuals and employers have deadlines to hit in the coming months if they want to stay compliant with the Affordable Care Act (ACA).
Nov. 1, 2015 through Jan. 31, 2016 is Open Enrollment for individuals purchasing health insurance through the Marketplace.
Every health plan is somewhat different, so be sure you know the procedures for your plan. Some insurers will auto-enroll you at the same cost, some will auto-enroll you without incorporating the subsidies you qualify for, and others will require you to manually re-enroll. And of course, you can always choose a new plan!
Keep in mind that though Open Enrollment doesn’t technically end until Jan. 31, 2016, your current coverage will end on Dec. 31, 2015. If you want your coverage to continue on Jan 1, 2016, you must verify your plan by Dec. 15, 2015!
2015 marks the first year that employers with 50 or more full-time employees (or equivalents) are required to provide ACA compliant health insurance to their full-timers. You’ll have to furnish compliance reports to both your employees and the IRS in early 2016.
Failure to file appropriately gets costly fast, so be sure to keep these dates in mind:
|Due to Employees
|Due to IRS
Forms 1094-C and 1095-C
|Feb. 1, 2016||Feb. 29, 2016|
|Electronically||Feb. 1, 2016
Requires employee consent
|Mar. 31, 2016
Required if filing 250+ forms