The ObamaCare reporting requirements for businesses is optional for 2014, but mandatory for 2015. The IRS section related to the Business Reporting requirements is 6056 and encompasses small and large businesses. The reporting has to do with whether or not the employer offered and furnished affordable and essential coverage to their employees. The business reporting requirements have to do with either large employer, over 50 employees, or smaller employees that have a self funded plan arrangement. Health Insurance brokers that specialize in Employee Benefits like Brauer Insurance, assist their employers with these forms so they can avoid the penalties, become compliant, and have peace of mind.
Peace of mind with the ACA reporting requirements and business reporting
Business owners of larger companies already know that they have to “offer” the coverage to their employees. Now they have to worry about the business reporting requirements in addition to the coverage. The forms that are needed are, just like the Health Insurance industry, confusing and dysfunctional. Having a broker that specializes in just Health Insurance and the business reporting requirements can be a great service to companies.
Businesses that have a Health Insurance specialist have less headaches
When you have a specialist, it makes all the difference in the world. You cannot be an expert at everything, there just is not enough hours in the day. Health Insurance specialists know what business reporting requirements each business needs, based on a tailored approach. Some businesses have less business reporting requirements than others. If you have an agent that does many types of insurance, they may not be updated on the most recent business reporting requirements for the ACA and ObamaCare.