Health Care Reform: Recent News & Events

West Coast Insurance is your go-to source for Employee Benefits and Business Insurance solutions. We can help you understand how Health Care Reform affects your business and assist you in navigating the changes so you stay compliant with the law. Please reach out to us with any questions and we will be happy to assist you.

The Internal Revenue Service (IRS) is hosting a free webcast for entities that provide minimum essential health coverage regarding their information reporting requirements under the Affordable Care Act (ACA). The webcast will take place on September 9, 2014, at 2:00 p.m. Eastern Time (1 p.m. Central Time; 12 p.m. Mountain Time; and 11 a.m. Pacific Time).

Click here to register for the webinar (the same link will be used to attend the event).

Information Reporting Compliance
The ACA requires insurers, self-insuring employers, and other parties that provide minimum essential health coverage (MEC) to report information on this coverage to the IRS and to covered individuals (also referred to as “section 6055 reporting”).

Because of transition relief provided for 2014, reporting entities will not be subject to penalties if they first report beginning in 2016 for 2015. On July 24, 2014, the IRS released draft forms to help such entities prepare for compliance.

Webcast Material
During the IRS webcast, reporting entities will learn how they should report on MEC under the law. They will also learn about:

• Internal Revenue Code Section 6055;
• Who is required to report; and
• What elements are required to be reported.

For additional information regarding the ACA reporting requirements, click here.