Congress Introduces Bill to Ease ACA Reporting
Legislation was introduced by the house that intends to make simple the determination of eligibility of employers, federal government, state and individuals for the premium tax credit as per the Affordable Care Act.
The bill proposes to create a system of voluntary prospective reporting which targets to reduce issues related with wrong determinations of tax credits by reporting the data at the start of the determination process instead of being reported at the end. Under the legislation, insurers and businesses will no longer be required to gather and report the social security no. for dependents and spouses and approves e-transmission of data reporting. Both these measures will enhance privacy protection.
Diane Black while introducing the legislation on Wednesday said that businessmen of his district are proud of the facilities of health coverage they provide to their employees but what bother them are the hefty reporting requirements of government. In compliance with ACA’s employer requirements IRS requires the employers to gather a huge amount of information on monthly basis which moves the resources away from the routine operations of the business. He further stated that this is the main reason why the new proposed legislation would require the employers to voluntarily submit the details of insurance coverage at the start of the year.
Congressman Mike Thompson said the Affordable Care Act is not perfect but it served as an important initiative for making affordable and quality healthcare a reality for citizens of America. He added that the legislation will be improving the health care law to bring it to perfection. He acknowledged the difficulties that are faced by the employers in meeting the Affordable Care Act’s requirements while offering healthcare benefits to their employees. He ensured that the proposed bill will reduce the reporting requirements and let employers focus on growth of local economy and creating jobs – things they are best at.