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:
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.
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:
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.
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.
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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