Regs detail reconciliation and reporting under the ACA — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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Regs detail reconciliation and reporting under the ACA

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in Compensation and Benefits,Human Resources

Under the Affordable Care Act (ACA) health care reform law, depending on income, premium tax credits and other cost-sharing reductions may be provided on an advance basis throughout the year to taxpayers who don’t have access to affordable group coverage and who buy individual policies through a state-based health insurance exchange. A critical function of the individual exchanges is to verify that taxpayers are eligible for these advance subsidies.

• HUGE QUESTIONS: What’s to stop an em­­ployee who has access to affordable group coverage from gaming the system and getting those subsidies anyway? And how will you know? Two sets of regulations—which, together, impose a regimen of verification, reconciliation and information reporting—begin to answer these questions.

Verification and reconciliation

These final regs apply in the 16 states and the District of Columbia that are setting up their own exchanges.

Under the regs, appl...(register to read more)

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