The Affordable Care Act (ACA) is the law of the land and is here to stay. Compliance is a balance between staying within the bounds of the complex ACA regulations (IRS Regs 6055 & 6056) while minimizing employer costs and administrative effort. You must be recording and maintaining over 200 data and information elements right now for mandatory electronic reporting and filing later! It’s really a multidisciplinary effort: because different departments hold separate pieces of the compliance puzzle, the process is unhinged and no one is getting the whole picture.
Many of our clients had thought their payroll or benefits provider was providing all their required compliance metrics and information. However, our clients found that payroll and benefits only deliver a piece of the total puzzle, usually in the form of minimal reporting, leaving so much to be completed manually.
Attempting to do all this manually is a boat load of work that not only introduces significant internal time and labor costs, but also opens the door for “human error,” leaving them vulnerable to dangerous audits, substantial fines, and crushing penalties.Our brilliant engineers saw an opportunity to solve and automate all these complex metrics and created the Efficient ACA Compliance Module to manage the critical compliance data’s “Chain of Custody.”
As such, our Efficient ACA Module automatically manages all of these metrics listed below for you, as part of our all-inclusive Efficient Solution, for a fraction of the cost and time you would spend doing all this manually in your back office.
Benefit Notifications and Reporting
- Full event history tracking, with dates, times, and signatures
- Aca company policy, plan coverage, participation, and exchange notifications
- Employee eligibility notifications
- Employee benefits offers and responses – accept/decline tracking
Period Tracking, Eligibility Determinations, and Calculations
- Waiting Periods
- Measurement Periods
- Administrative Periods
- Stability Periods
- Related Employee Hours And Pay Required For Calculations
Safe Harbor Determinations and Calculations
- Either form w-2, rate of pay, or federal poverty line
Affordable Group Health Plan Design, Minimum Value Calculations
Secure Data Storage and Submittal using HIPAA 834-enrollment data Specifications
Click the IRS logo below to access the IRS Employer Shared Responsibility Provision ACA Q&A page for more information, access IRS regulations 6055 here and 6056 here, IRS instructions for Forms 1094-C and 1095-C here, and contact us to learn more about how our Efficient Solution will manage your ACA compliance and make your company more efficient.