As we approach the new year, it is important that employers and benefit advisors not forgot some of the reporting obligations that come along with offering group health plans and other employee benefit programs.

Here are four reporting reminders:

Employer Mandate and/or Minimum Essential Coverage Reporting

The Affordable Care Act (ACA) requires employers who have 50 or more full-time equivalent employees (i.e., applicable large employers) to report information about offers of group health plan coverage to full-time employees. In addition, employers of any size who offer a self-funded or level-funded group health plan must report the months that employees and their family members are covered by the group health plan. The reporting must be submitted by March 1, 2021 if filing manually and by March 31, 2021 if filing electronically. Applicable large employers can find the reporting instructions by clicking here. Nonapplicable large employers can find the reporting instructions by clicking here.

Employer-Sponsored Health Coverage Form W-2 Reporting

Employers issuing 250 or more Form W-2’s must report the value of employer-sponsored health coverage in Box 12 using Code DD. The Internal Revenue Service (IRS) has published an easy-to-follow table that helps employers understand the types of plans to include when calculating the value of employer-sponsored health coverage to be reported on Form W-2.

Medicare Part D Creditable Coverage Reporting

Every year employers must complete an online form which lets the Centers for Medicare & Medicaid Services (CMS) know if the prescription health coverage offered under the group health plan is “creditable.” It must be submitted within 60 days of the start of the plan year which would be March 1, 2021 for plans that run on a calendar year. For more information on this reporting, please refer to our previous blog.

Form 5500 Reporting

Certain employers with plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) must report information about the plans they provide to employees. Employers must file Form 5500 if they have an ERISA plan that covers 100 or more participants at the start of the plan year. Employers of any size that have a “funded” plan must also complete the reporting. A funded plan can generally be described as a plan where the employer establishes a trust or custodial account for the purpose of paying and administering benefits under the plan. Form 5500 is due on the last day of the seventh month after the plan year ends. For plans that started on January 1, 2020, the Form 5500 due date is July 31, 2021. Form 5500 filing instruction can be found by clicking here.

Have a reporting question?