Penalty A and Penalty B Compliance

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Employee benefit programs have been mandatory for all applicable large employers (ALE) since the Affordable Care Act, enacted in 2010. This Act requires employers to offer minimum essential coverage to all employees who work in a company with a staff of 50 or more. Failure to comply with this requirement will cause penalties for these companies and will likely lead to an IRS Audit down the road. Here is more information regarding the importance of Penalty A and Penalty B compliance.

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What Employers Need to Know About FFRCA and Benefits

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The Coronavirus pandemic has had a massive impact on the financial health of thousands of companies in the United States. These employers have seen the enormous reduction in business and the effect it has on their employee benefit programs, and adjust them to meet the needs of both their employees and their business. These adjustments still carry certain obligations the employer must meet under federal legislation. So what do employers need to know about FFRCA and benefits?

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ACA Penalties May Affect Your Business

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Under the Affordable Care Act (ACA), large employers are required to offer health insurance to their employees. Despite everything going on, the IRS will continue issuing letters to large employers regarding penalties for years prior. Beginning in 2015, employers that do not meet the ACA standards can be assessed by a shared responsibility payment. Here are a few of the details behind the ACA health plan penalties and what that may mean for your business:

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Medicaid Coverage Can Save Lives!

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Having coverage is extremely important in ensuring your health and wellbeing especially during today’s environment. While some states believe that it’s too late to expand Medicaid coverage, it could help those unemployed greatly. Over the last few months, all but 15 states have participated in the expansion of Medicaid. This coverage can help save lives.

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Relaxed HIPAA Enforcement Paves The Way For Increase In Telehealth Services

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With the recent pandemic, many things have changed in regard to healthcare services. One major way healthcare has changed over the last few months is through the expansion of telehealth services. The Office of Civil Rights has recently relaxed the constraints surrounding which video conferencing applications are HIPAA compliant provided that these services are provided in good faith. As OCR relaxed HIPAA enforcement, there have been increases in telehealth services. The article below details how these relaxed regulations have changed the telemedicine world, and why we can expect it to stick post-COVID:

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How to Prevent ACA Penalties due to COVID-19

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Due to COVID-19, ACA compliance has become a bit more complicated. As an employer, you must ensure that all your paperwork and practices are ACA compliant. If individuals wrongly receive a PTC, the employer is responsible for proving to the IRS that the individual did not qualify. It is now more important than ever to have your information in order, in case of future issues. In the ACA times article below, you will see why ACA penalties may increase this year, and how you can prevent potential penalties for your business.

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Medicare, False Claims Act & Audits

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Under the CARES Act, the Secretary of the Department of Health and Human Services was instructed to write payments under the Inpatient Prospective Payment System by 20% for Medicare beneficiaries who have had COVID-19.

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What You Need to Know About 2020 ACA Reporting

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Throughout 2020 we have seen a lot of changes in the workforce. This causes a lot of confusion surrounding ACA reporting for those with 50 or more full-time employees.

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