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Answers to 3 Common Affordable Care Act Questions

March 29th, 2017 Comments off
ACA

The Affordable Care Act (ACA) is a complex law that crosses several lines of business including finance, tax, legal, IT, benefits and HR. Since no one person is an expert in all six areas, it’s natural that questions will arise when it’s time to do your government mandated reporting.

To help ease that process, here are the answers to some of the most frequently asked ACA questions:

  1. Who is Required to Report?

You are required to report if you are an applicable large employer (ALE). An ALE is a company with 50 or more full-time or full-time equivalent employees (FTEs), or a small employer that offers self-insured plans. Both groups are required to report IRS-required data annually beginning in 2016.

Your ALE status for the upcoming year is determined by current-year employee information. Full-time and full-time equivalent employees must be included in the calculation.

  1. Is My Participation Mandatory?

If you have 50 or more employees, you must complete Forms 1095-C and 1094-C.

If you have fewer than 50 employees, there are a few scenarios to consider, depending on your insurance status:

  • Self-insured: You must complete Forms 1095-B and 1094-B
  • Fully-insured: Your insurance carrier is responsible for filing on your behalf
  • No insurance: No reporting is required

 

No matter what, don’t forget to file Form 1095-C. It provides the IRS with information about employer-offered health plans. The 1095-C sends the IRS the information it needs to ensure that employers offering coverage are providing the minimum essential coverage that is affordable as required under the ACA.

  1. Will I Be Graded on a Curve?

There are no grades. You either pass or fail – and failure comes at a high cost. Penalties range from $250 to $3 million for each file return that’s missing, incorrect or incomplete. That includes employee copies.

You can be penalized for the following:

  • Failure to file returns
  • Failure to provide a copy to employees
  • Failure to include required information
  • Including incorrect information

 

Learn the benefits of using an ACA Compliance Partner

The Benefits of an Affordable Care Act Compliance Partner

March 14th, 2017 Comments off
ACA Compliance

Affordable Care Act (ACA) compliance is a huge priority for your company. Unfortunately, ACA administration is only one of your many responsibilities and challenges. On top of finding and organizing your benefits data, tracking your employees, determining your responsibility as an employer and the eligibility of your employees, and filling out all those forms – not to mention ensuring accuracy and completion with every single form – you are somehow expected to prepare the coming year’s recruiting strategy and manage all of your employers’ needs.

What’s more, keeping up with ever-changing regulations is a time-consuming (and stressful) effort in and of itself. With everything else going on, ACA reporting might just be the straw that breaks the camel’s back.

Good news: You don’t have to go through this process all by yourself. Consider getting an ACA compliance partner.

How an Automated Software Solution Can Help

An automated software solution for ACA reporting will ensure that you’re meeting all requirements accurately and efficiently. With an ACA expert on your side, you can feel more confident in your reporting, less burdened by organized data and forms, and better able to focus on the rest of your responsibilities.

The right technology can reduce the weight of health care administration and empower you to reach ACA compliance from the convenience of a user-friendly dashboard. The ACA requires employers with 50 or more full-time employees to provide affordable health coverage meeting the minimum standards. Therefore, your reporting software should allow you to quickly and accurately determine the number and eligibility status of your company’s employees. The platform should also integrate with payroll and generate all the employee data needed for completing all W-2 and IRS forms.

Imagine if the ACA reporting season were no longer worrisome and laborious, but straightforward and effortless. The right technology solution can make this transformation happen. Instead of trying to manually keep all of the information up to date and accessible, consider working with an ACA compliance partner to automate and simplify your process, so you can focus on other important matters for your company.

Learn how our ACA Dashboard solution can take the task of ACA reporting off your shoulders.