Our Scariest Benefits Risk – Health Reform Deadlines

Scariest risks 2014

2015 will be the deadline for most employers to finally be in full (or mostly full) compliance with the Patient Protection and Affordable Care Act (PPACA). Employers have to know which employees are full-time versus part-time and make the appropriate offers of coverage.

That can be daunting because if employers do not make the offer of qualifying coverage available to at least 70% (95 % in 2016) of all full-time employees—those who work an average of 30 hours per week or more—they will be subject to potential penalties of $2,000, multiplied by all their full-time employees. This is true even if those employees have qualifying coverage.

That can indeed be pretty scary. But most employers are ready for that and will likely be prepared. That “ghoul” is unlikely to startle employers.

scariest risks of 2014

What were the scariest risks of 2014? See what our bloggers and readers say–and vote for yours.

However, a whole new batch of reporting obligations looms too. The new Forms 6055 & 6056 have to be completed and filed in 2016. The necessary information must be compiled during 2015! That means another reporting and compliance mandate that employers have to deal with that might just catch them unprepared.

They need to get their payroll and administrative providers on board NOW to make sure that information will be compiled in a timely fashion to make the filings available next year.

About Jay Kirschbaum

Jay spent 22 years as a tax attorney specializing in employee benefits before joining Willis in 2001. He is current…
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