ACA Compliance Management

Your business is growing and maybe years ago you didn’t have to worry about things like ACA Reporting and 1094-C this or 1095-C that. Now you’ve expanded to multiple locations and it’s becoming a struggle to track the measurement periods for your part time staff. One missed Notice of Benefit Eligibility could send the company you’ve worked so hard to become profitable into a spiral of IRS fines. That’s a horrible vision, isn’t it?

If you have part time employees, high turnover with staff, or part time employees frequently moving to a full-time status, you need to have an ACA Compliance Management Toolkit to help you stay compliant with your ACA Plan!

Efficient Hire simplifies the day to day management of ACA removing the frustrations of measuring hours, notifying employees and reporting to the IRS.

LET’S TAKE A LOOK AT WHAT ACA IS ALL ABOUT

The IRS requires employers who are considered “applicable large employers (ALEs)” to be compliant with the Patient Protection Affordable Care Act (known as ACA) rules.

What is an ALE and what are the ACA responsibilities under the Employer Mandate?

Applicable large employers: employers with 50 or more full-time employees, must offer health insurance that is –

• affordable* and;
• provides minimum value* and;
• offer to at least 95% of their full-time employees and their dependents or be subject to penalties.

*Check with your carrier to determine if your plan meets these requirements

This is where employers can get into hot water! The chart below summarizes the penalties associated with the Employer Mandate; this is called the Employer Shared Responsibility –

Visit the IRS Website to learn more about ACA Compliance and Reporting

In addition to the Employer Mandate, the IRS requires annual ACA Reporting

ALEs must report to the IRS information about health insurance coverage offered to its full-time employees (and their dependents).  ALEs are required to report to the IRS, as well as to their full-time employees, regardless of whether the ALE actually offers health insurance coverage.

HERE’S WHERE YOUR ACA COMPLIANCE PLAN COMES INTO PLAY

As a large employer to successfully comply with the Employer Mandate, start by outlining your Company ACA Compliance Plan:

• Does your health insurance plan meet minimum essential coverage and minimum value?
• Who do you offer coverage to?
• When do you offer coverage?
• Is it affordable to everyone you offer to?

You need to have an ACA management toolkit that helps you stay compliant with your ACA Plan. It should assess your penalty risk, track and measure eligibility, automate employee notifications, and automate form submission when it’s time to file.