Get Ready for Upcoming Affordable Care Act Compliance Deadlines

It is hard to believe that we are in the last quarter of 2014!  One deadline related to the Affordable Care Act is upon us. Other requirements may follow in 2015 and 2016, depending on the number of employees at your organization and the nature of your plan.

The requirement is to get a “health plan identifier number,” or HPID. Small plans — those through which less than $5 million flows in a year, have a November 5, 2015 deadline. The requirement pertains to the government’s desire to simplify HIPAA compliance monitoring. For that, you will need to consult with an accounting professional for details.

Ten days later, November 15, 2014, is the deadline for self-insured employers to submit an enrollment count to the Department of Health and Human Services in order to establish your 2014 Transitional Reinsurance Fee. The fee for this year is $63 per covered employee. Payment of the fee is due January 15, 2015. Note: If your health plan is fully insured, your carrier will take care of this. Data can be submitted via www.pay.gov

Self-insured employers have until July 31 next year to pay a similar, but much less expensive fee, which is the Patient-Centered Outcomes Research Institute Trust Fund fee. The new per-capita fee is $2.08, and is based on average plan enrollment over the course of the plan year. That rate applies to plan years ending after September 30, 2014 and before October 1, 2015.

Please read this article from Lanigan, Ryan, Malcom & Doyle PC to learn more.

Source: Lanigan, Ryan, Malcom & Doyle PC ENews Letter November 6, 2014

Leave a Reply

Your email address will not be published. Required fields are marked *