One certainty in the healthcare marketplace is constant change, and staying in compliance as an employer can be a challenge. Here are two important updates!
Final forms and instructions for reporting under Sections 6055 and 6056 are now available.
Please note, two new “Offer of Coverage” codes are included on Form 1095-C, to indicate conditional offers to spouses. Other minor changes were made from the 2015 forms and clarifications have been added to the instructions on certain topics.
January 31, 2017 – Individual statements for 2016 must be furnished
February 28, 2018 – IRS Returns for 2016 must be filed by Feb. 28, 2017(March 31, 2017, if filed electronically)
Requirements for reimbursements for Over-the-Counter Drugs have changed
The ACA limits reimbursements for the cost of OTC drugs from certain health accounts to only those purchased with a prescription. This requirement does not apply to Insulin or Medical Supplies or Devices.
In most cases, health FSA and HRA debit cards can continue to be used to purchase OTC medicines if certain requirements are met.