Welcome to the November 2024 edition of Benefits Buzz! This month, we dive into the latest topics related to Affordable Care Act (ACA) reporting for 2024 and updates on the IRS. Stay informed and gain insights that help you navigate new regulations and changes.  This month's highlights  Topic #1: ACA final forms and instructions for 2024 are now available.  Topic #2: IRS releases health FSA limits for 2025.  Download the full story  For an in-depth look at this month's topics, download the PDF below. Don't miss out on valuable insights regarding important 2024 forms and 2025 increases.  [Download the Full Story PDF]   Stay informed, stay empowered and make the most of your benefits with Benefits Buzz! Be sure to follow us on LinkedIn for monthly updates and never miss out on the latest in benefits news.  Have questions?  If you have questions, feel free to contact TruePlan . Our team of advisors can help you with questions within the scope ...

IRS releases ACA pay –or play penalties for 2025  The IRS recently updated  “pay or play” penalty amounts for 2025 related to the Affordable Care Act’s employer shared responsibility rules.   For calendar year 2025, the annually adjusted $2,000 penalty amount is $2,900 and the adjusted $3,000 penalty amount is $4,350 . This is a decrease from the penalty amounts for the 2024 calendar year, which are $2,970 and $4,460, respectively.  Under the pay or play rules, an applicable large employer is only liable for a penalty if at least one full-time employee receives a subsidy for Exchange coverage. Employees who are offered affordable, minimum-value coverage are generally not eligible for these Exchange subsidies.  Depending on the circumstances, one of two penalties may apply under the pay or play rules: the Section 4980H(a) penalty or the Section 4980H(b) penalty:  Under Section 4980H(a) an applicable large employer will be subject to a penalty if it does ...

The Affordable Care Act created reporting requirements under Internal Revenue Code Sections 6055 and 6056. Under these rules, certain employers must provide information to the IRS about their employees' health plan coverage (or that the organization does not offer health plan coverage). However, things are set to change in the new 2024 ACA reporting requirements. In the original rules, any reporting entity that was required to file at least 250 individual statements under Sections 6055 or 6056 had to file electronically. However, on Feb. 23, 2023, the IRS released a final rule implementing a law change in the Taxpayer First Act of 2019, which lowers the 250-return threshold for mandatory electronic reporting to 10 returns. This means most reporting entities will be required to complete their ACA reporting electronically starting in 2024. This ACA blog describes the process for reporting electronically under Sections 6055 and 6056. Action steps Employers that are subject to the AC...

  Since the Affordable Care Act was enacted in 2010, many reforms have been made to group health plan coverage. To make reviewing ACA group health plan requirements easier, download this ACA 2024 compliance checklist . If you have additional questions, TruePlan’s team of experts is here to assist. Contact us today to get the answers you need or to review your current employee benefits plan .

Approaching ACA reporting deadlines for 2024   Employers subject to Affordable Care Act reporting under Internal Revenue Code Sections 6055 or 6056 should prepare to comply with the upcoming ACA 2024 reporting deadlines. For the 2023 calendar year, covered employers must: furnish paper statements to individuals by March 1, 2024; and file paper returns with the IRS by Feb. 28, or April 1 if filing electronically. Beginning in 2024, employers who file at least 10 returns during the calendar year must file electronically. Penalties may apply if employers are subject to ACA reporting and fail to file returns and furnish statements by the applicable deadlines. The following employers are subject to ACA reporting under Sections 6055 and 6056: employers with self-insured health plans (Section 6055 reporting); and applicable large employers with either fully insured or self-insured health plans (Section 6056 reporting). ALEs are employers with 50 or more full-time employees (includin...

Group health plans must expand price comparison tool for 2024 Beginning this year, group health plans and health insurance issuers must expand the online price comparison tool they make available to participants, beneficiaries and enrollees so that it includes all covered items, services and drugs. This tool provides consumers with real-time estimates of their cost-sharing liability from different providers for covered items and services, so they can shop and compare prices before receiving care. For plan years beginning on or after Jan. 1, 2023, health plans and issuers were required to make price comparison information available for 500 shoppable items, services and drugs. For plan years beginning on or after Jan. 1, 2024, price comparison information must be available for all covered items, services and drugs. Most employers rely on their issuers or third-party administrators to develop and maintain the price comparison tool. Employers should confirm that their issuers and TPAs wil...