Do you have a plan to remain compliant with the ACA regulations?
ACA planning can help reduce your risk of being out of compliance with the State and Federal requirements. By knowing what steps you need to take to stay within Affordable Care Act compliant, you have already won half the battle. Not sure what steps you need to take or how to start planning ACA compliance? Take a look at our suggested steps:
1 - Review your offer of healthcare coverage to ensure it meets the MEC and MV requirements
Offers of coverage must meet the Minimum Essential Coverage and Minimum Value criteria requirements to be considered ACA Compliant. Your broker will be able to help find the plan that is right for your organization and your employees.
2 - Create a process to extend an offer of coverage to eligible employees
The open enrollment period is a good time to review your existing employees and extend an offer of coverage to all eligible employees. Remember, it is important to record the waivers, as well as enrollments, to ensure your ACA filings are accurate!
Another important process to have in place is for when you extend an offer of coverage to new employees. This process should happen as soon as they become eligible throughout the year.
3 - Monitor your compliance with ACA regulations throughout the year
Monitoring your ACA compliance each month will reduce the risk of having an employee fall through the cracks. Using an easy-to-use dashboard that presents the employees who have been calculated as ACA full-time but have not yet received an offer of coverage is a quick way to bridge the gaps in ACA compliance.
4 - E-file your 1094 and 1095 forms on time with accurate information
It is important to generate and review your 1095 forms in time to meet the IRS’ employee distribution deadline of March 2. Once the 1095 forms have been distributed to your employees you are ready to generate and review your 1094 form(s) and e-file with the IRS to meet the March 31 deadline.
Of course, review your ACA plan every year and adjust as needed. Compliance rules and laws can change, so make sure to stay on top of these crucial changes, or make sure to use a program that tracks them for you!
Make ACA Compliance Planning a Breeze
Affordable Care Act compliance planning doesn't have to be a yearly headache. Implementing compliance software that integrates seamlessly with your payment processor means that ACA reporting and compliance can be simple.
Our product, ACA Reporter, makes it easier than ever for teams to stay ACA compliant and to monitor their compliance status at a glance. Through ACA Reporter, you can quickly e-file without the hassle.
Schedule a free demo today to learn more!
