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Will the executive order President Trump signed concerning the Affordable Care Act impact my current employee benefits plan?
On January 20, 2017, President Donald Trump signed an executive order addressing the Affordable Care Act (ACA). The order states it is intended “to minimize the unwarranted economic and regulatory burdens” until the law can be repealed or replaced.
This executive order is broad in scope and does not pinpoint specific provisions of the ACA. It does however emphasize his goal of repealing and replacing the ACA that was stated throughout his campaign.
Larry Levitt, SVP at the Kaiser Family Foundation had asked, “Is this mostly a symbolic gesture or a signal that they intend to take apart the law piece by piece to the extent they can?”
What we do know is the order gives federal agencies broad authority to eliminate or fail to enforce any number of ACA requirements, as permitted by law. There is some indication that the executive order is aimed partially at eliminating the ACA’s individual and employer mandates, since those requirements could impose a “financial burden.”
This does not specially make changes to any existing regulations by itself. No ACA provisions or requirements have been eliminated or delayed at this time as result of the executive order.
Those companies having to comply with the reporting requirements should continue to prepare and submit those documents according to sections 4980H and 6055/6056 of IRS code. Applicable Large Employers (ALEs) that are subject to the ACA Employer Mandate are required to furnish to their full-time employees a Form 1095-C by March 2, 2017 and to file them with the IRS by February 28 (March 31 if filed electronically).