Reminder: Federally-Facilitated Exchanges to Notify Employers of Employees with Premium Tax Credits in 2016
Now that spring is upon us, employers may soon start to receive notices from the Federally-Facilitated Marketplace (FMM) for employees with premium tax credits in 2016.
When will the notices be sent?
These notices are expected to be sent after the close of the marketplace enrollment period for the 2016 coverage year.
What purpose do these notices serve?
These notices are meant to allow an employer to prepare for any penalties that may be assessed as a result of an employee using a tax credit for marketplace coverage. They also give employers an opportunity to appeal the employee's eligibility for the tax credit.
What does it mean if I receive a notice?
Receiving a notice doesn't automatically mean you will pay a penalty. You have a ninety (90)-day window to appeal the notice if you do not agree the employee should have qualified for the tax credit.
For more information, please refer to our prior article on this topic here.
If you have any questions, please contact your client solutions team.
Compliance Corner is being provided as an informational tool. It is recommended that plans consult with their own experts or counsel to review all applicable federal and state legal requirements that may apply to their group health plan. By providing this publication and any attachments, Meritain Health is not exercising discretionary authority over the plan and is not assuming a plan fiduciary role, nor is Meritain Health providing legal advice.