Navigating the intricacies of healthcare, the Affordable Care Act (ACA) and the strict compliance standards that come with it during Open Enrollment can easily overwhelm the HR administrators in charge of the process. The data required for ACA compliance can be one of the most time-depleting and aggravating operations they can undertake.
If you’re not using a smart ACA Compliance system, you’ve probably found the experience of ACA’s enrollment and reporting requirements to be stressful, time-consuming or confusing - and you’re not alone. The stakes have never been higher for your employees and company’s bottomline.
The solution for high-performing HR teams continues to move toward an automated, cloud-based system. A solid ACA Compliance Software, like ours, has these benefits:
1. The Most Up-to-Date 1094 and 1095 Forms
The federal government’s required 1094 and 1095 forms can change at any time, and with a compliance-focused software like ours, the forms will always be updated so you don’t run the risk of submitting the wrong version. It’s all in the cloud, updating seamlessly from behind the scenes.
Bottom Line: No more looking for the right form, so you can save time and decrease stress.
2. ACA Reporting Made Easy
Those pesky 1094 and 1095 forms need to be filed with the IRS. Our ACA compliance software e-files them in a timely fashion and allows for multiple EIN reporting.
Bottom Line: No fights with the printer, paying for postage or refilling ink cartridges … Plus, a new green initiative to brag about.
3. Personalized Employee ACA Profiles (for Employers)
Our ACA Compliance Software, which plays nicely with our other modules and integrates easily with any other core HR system, pulls employee data into your ACA reporting system. This central location:
- Gives managers a one-click-and-see location to oversee ACA compliance
- Stores employee data securely
- Can administer coverage in one click
- Stores past and present Stability and Lookback periods, as well as average hours worked per week and month
- Can print 1095-C forms
- Hosts past and present health coverage
- Offers employee coverage, which leads to a showcase of the employee’s current package and also indicates when coverage was offered
Bottom Line: A one-stop ACA shop puts your employees in the driver’s seat, which is good in an employee-centric world.
4. Simple Eligibility Determination
Confusion over who is eligible for what is a major part of open enrollment season stress. By automating your compliance system, you’ll get system-determined eligibility, age-banded medical clarity, access to cost-recalculation for all covered members and an easily navigable portal.
Bottom Line: Our ACA Compliance Software looks at your employees’ data and slices it up to deliver transparency to you, without complication.
5. Time-Saving Capabilities
Finally, the grand finale … Our customers cut the reporting process time in half.
Bottom Line: With hours eliminated from ACA Compliance oversight, your HR team can go back to what it does best: focusing on core responsibility and meeting business objectives through strategic HR management.
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