Simplify ACA Reporting with Our Affordable and Accurate Solution
For HR professionals, compliance with the Affordable Care Act (ACA) is an ongoing priority. Proper data collection and accurate reporting are essential components of ACA compliance. This article offers valuable insights for HR professionals on staying in line with ACA regulations while effectively managing data collection and reporting.
Data Collection:
ACA compliance hinges on accurate data collection. HR teams must gather information related to employee eligibility, coverage offers, and affordability calculations. This includes details about employee hours worked, plan enrollment, and any changes in employment status. Centralizing this data is crucial for accurate reporting.
Maintaining Employee Records:
Keeping meticulous records is essential. Maintain comprehensive records of employees' hours worked, coverage elections, and any changes in employment status. A well-organized record-keeping system ensures transparency and simplifies the process of reporting to regulatory bodies.
Choosing the Right Reporting Method:
HR professionals should understand the required IRS reporting forms. The 1095-B/C forms are furnished to full-time employees and covered individuals to document health coverage and offers of coverage. The 1094-B/C Forms are transmitted to the IRS. Understanding which forms to use and how to complete them accurately is vital for compliance. See our article on the topic by clicking here.
Deadlines and Penalties:
Meeting reporting deadlines is crucial to avoid penalties. Familiarize yourself with IRS deadlines for submitting ACA forms. Failure to file on time can result in substantial penalties. Accurate reporting within the specified time frame helps maintain compliance and avoid unnecessary financial setbacks.
Automation and Technology:
Leverage technology to streamline ACA data collection and reporting. BAS’ MyEnroll360 solution offers automation tools that facilitate data compilation, calculations, and form generation. These tools reduce the risk of errors, enhance efficiency, and free up valuable HR resources.
Seek Professional Guidance:
Given the complexity of ACA regulations, seeking professional guidance is wise. Consult with legal experts or ACA compliance specialists to ensure you're interpreting regulations accurately and staying up-to-date with any changes in requirements.
Conclusion:
As an HR professional, staying in compliance with ACA data collection and reporting is a multifaceted responsibility. Accurate data collection, proper record-keeping, timely reporting, and technology integration all contribute to successful compliance efforts. By understanding the intricacies of ACA regulations and leveraging the right tools, HR professionals can navigate data collection and reporting with confidence, ensuring their organization's adherence to ACA requirements.
For information about BAS’ ACA data collection and reporting services, contact your account manager or email solutions@basusa.com.
Benefit Allocation Systems (BAS) provides best-in class, online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 can Integrate with any insurance carrier for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and many others), and integrate with any payroll system for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and many others).
