As a result of the of the November election, there seems little doubt that the ACA (ObamaCare) as it is known today will go through major changes, if not be completely repealed, under the new administration. However, this will not be an easy process as the program has now been in place for over 4 years. With millions of people on the program, it will take some time to implement a new health insurance program that does not severely disrupt current protections and coverages.
In the meantime, the Advi$or wants to remind all employers that the ACA is still law and its defined requirements are still in place and enforceable. Specifically, for 2016, employers with 50 or more employees will still be required to provide all employees with a 1095 and file a 1094 with the IRS. (The IRS did just announce an extension of the required filing date for those documents to March 2, 2017.) If we had to guess, we believe it will be a year or 2 before those requirements are changed, if they are.
The Advi$or is sure all Americans, and the business community in particular, look forward to what Congress and the new administration has in mind regarding the ACA and health insurance. However, don’t forget compliance with the current law is still required. We will keep you informed of any change in requirements.
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