Compliance Deadline Reminders: Medicare and ACA Reporting 2020

February 29 – Medicare Reporting

Employers with health plans that include prescription drug coverage for active employees or retirees who are Medicare eligible must report to the Centers for Medicare and Medicaid Services (CMS) whether or not their prescription drug coverage is creditable each year. The coverage is “creditable” when the actuarial value of the coverage equals or exceeds the Medicare Part D prescription drug coverage.

Health plan sponsors must disclose this creditable status to the CMS within 60 days after the beginning of the health plan year. The deadline for calendar year plans for 2020 is February 29 since it is a leap year.

In addition, health plan sponsors must also submit a disclosure:

  • Within 30 days after the termination of the prescription drug plan; and
  • Within 30 days after any change in the creditable coverage status of the prescription drug plan

Click below for more information and reporting.

Creditable Coverage Disclosure

Affordable Care Act Reporting

Employers required to offer health coverage under the Affordable Care Act (self-insured and employers with 50 or more full-time equivalents) must provide health coverage information forms to employees and complete Internal Revenue Service (IRS) reporting annually.

The following are upcoming ACA deadlines for employee forms and IRS filing:

ACA Heath Coverage Reporting Deadlines

  • February 28, 2020: Paper filing to IRS
  • March 2, 2020: 1095 forms delivered to employees
  • March 31, 2020: Electronic filing to IRS

Electronic filing is required for employers submitting 250 or more information returns.

See the following for more information and reporting.

Information Reporting by Applicable Large Employers

For More Information

If you have compliance or other employment questions, contact KMA today!