It's open enrollment season, a time where many employees start to get a handle on their health insurance costs for the upcoming year. And evidence suggests that costs continue to inch upward. According to The Henry J. Kaiser Family Foundation/Health Research & Education Trust 2016 Employer Health Benefits Survey, employer health premiums rose three percent this year.
With any premium increase comes a potential increased burden on companies, who might be compelled to pass some of the cost to their employees.
The push-and-pull of the cost-sharing that defines the modern employer-sponsored health insurance system is something that doesn't figure to go away any time soon. For starters, the "individual mandate" requires the majority of adults to buy health insurance. Secondly, employers with 50 or more full-time employees must offer health insurance to those workers under the Affordable Care Act.
Focus on compliance
Moreover, these applicable large employers must file IRS Forms 1094-1095 to prove they have complied with federal regulations. The forms were first filed earlier this year for Tax Year 2015, and companies will soon have to undertake their preparations for Tax Year 2016
ACA compliance adds a new layer of complexity and responsibility for employers. For businesses, these changing rules can also put an even greater strain on an already overtaxed staff.
Companies facing the IRS ACA compliance burden can go it alone, but the filing and preparation process for Forms 1094-1095 can be laborious. And then there are the risks of incorrect or incomplete filings, which can lead to headaches down the road.
Let Plexus lend a hand
The Plexus Groupe offers a full suite of services for the preparation of IRS Forms 1094 and 1095. From gathering employee data to highlighting audit risks to filing, Plexus can do it all. In addition, our employee benefits experts will work to ensure your benefits spend is reasonable. In a time of rising costs and increased compliance, you need strategic, client-focused advocates who have your back.
For more information, contact a client executive at 847-307-6100 (Deer Park, Ill.), 312-606-4800 (Chicago), 972-770-5010 (Dallas) or 405-840-3033 (Oklahoma City), or contact us via the Web.