Simplify ACA Reporting with Our Affordable and Accurate Solution
At the beginning of the new year, businesses must gear up for Affordable Care Act (ACA) compliance to ensure they adhere to the regulatory requirements and avoid potential penalties. With the ever-evolving landscape of healthcare legislation, staying abreast of changes and preparing in advance is key to a smooth transition into the upcoming year.
First and foremost, employers should review and update their records to ensure accurate and comprehensive documentation of employee health coverage. This includes confirming the affordability and adequacy of the health plans offered to employees, as non-compliance in this area can result in penalties.
Additionally, employers must be mindful of reporting obligations. This involves furnishing employees with Form 1095-C, which outlines the health coverage provided by the employer. Ensuring the accuracy of these forms is important because forms with wrong information can result in penalties.
Employers should also anticipate changes in employee status throughout the year, as this can impact ACA compliance. Staying proactive in tracking changes in employment status, hours worked, or other qualifying events ensures that adjustments to health coverage are made in a timely manner.
Education is paramount in ACA compliance. Employers should educate their HR and accounting workforces about the importance of accurate reporting and the potential implications of non-compliance. Clear communication about any changes in health plan offerings or costs will help employees make informed decisions regarding their coverage.
In conclusion, a comprehensive approach to ACA compliance involves meticulous record-keeping, accurate reporting, proactive tracking of employee status changes, and robust employee education initiatives. By taking these steps, businesses can navigate the complexities of ACA compliance with confidence, setting the stage for a successful and compliant new year.
For help with ACA data collection and reporting, contact your account manager or 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).
