Cross Insurance Talks Affordable Care Act Compliance and Reporting at Local Seminar

With a January 1, 2015 deadline looming, Cross Insurance, one of New England’s leading insurance providers, recently hosted a seminar dedicated to Affordable Care Act Reporting for businesses at Boston’s Atlantic Wharf.

The December 4th seminar, headed by Keith Ferdinando of Cross Insurance’s Manchester, NH Branch, a Senior Vice President of Benefits, and expert in the field of ACA penalties and excise taxes, broke down some of the toughest components of the Affordable Care Act’s (aka “Obamacare’s”) Reporting Requirements for businesses with 50 full-time employees or more.

Come Jan. 1 of the new year, ACA reporting for businesses gets underway, thereby opening the floodgates to potential billions of dollars in penalties as businesses - especially ones with 50 or more employees - struggle to navigate their way through associated health care regulations and filings with the IRA. Fines for improper reporting could be as much as $100 per day per employee.

By next year, the ACA will require applicable large employers (ALEs) to either provide affordable, minimum value health coverage to full-time employees or face penalties. Employers and plan sponsors must also comply with new reporting and disclosure requirements, such as the health coverage reporting requirements under IRS Code Sections 6055 and 6056. In addition, the ACA imposes several taxes and fees on health plan sponsors. Failure to comply with the ACA’s requirements can cause severe consequences for employers, which ultimately vary depending on the requirement involved and the nature and extent of the violation.

Founded in 1954, Cross Insurance has grown from a small, family-owned and operated insurance agency based in Bangor, Maine, into one of the largest insurance providers in New England with more than 650 employees in more than 35 offices, serving 100,000 customers throughout the region. A subsidiary of Cross Financial Corporation, Cross Insurance provides an extensive range of customized and innovative insurance and financial products including personal and commercial insurance lines, employee benefits, surety bonds, comprehensive risk management advice and counsel, and specialized products focused on higher education and high net worth needs. For more information about Cross Insurance, please visit www.crossagency.com.