With Donald Trump set to return as president of the United States and the Republican Party holding majorities in both the Senate and the House, questions arise about the future of the Affordable Care Act (ACA) and the potential changes to employer compliance obligations.
The ACA has significantly reduced the uninsured rate, dropping from around 14-16% before its implementation to a historic low of 7.7% in 2023. As Trump begins his second term, it is expected that there will be ongoing efforts to lower prescription drug costs and improve transparency. His administration may focus on further strengthening the ACA’s impact while addressing fraud and inefficiencies in the healthcare system.
Despite potential shifts in the ACA, employers with 50 or more full-time employees (including full-time equivalents) will continue to be subject to the employer mandate. These employers must monitor their workforce monthly to identify full-time employees and ensure that they offer affordable health insurance meeting minimum value standards to at least 95% of their full-time staff.
Additionally, employers must submit Forms 1094-C and 1095-C to the IRS by March 31st to report on the health coverage provided and distribute Form 1095-C to employees by March 2nd, detailing their health coverage and eligibility.
Although changes to the ACA may be on the horizon under Trump’s leadership, employer compliance requirements will remain a key responsibility in the coming year.
To find out more information regarding this and other 1094/1095-C filing information contact ACA Compliance Solution Services at 877-959-3953 x222
or Click here.