Companies of all sizes are challenged to comply with the Affordable Care Act (ACA). Indeed, the obstacles facing employers are numerous: determining whether they qualify as a large or small employer, keeping track of their number of employees and understanding their obligations in terms of providing health care coverage.
Despite these challenges, and the pressing deadlines for filing with the IRS, many companies are still behind the curve in their preparations. Rather than fall farther behind or not know what they must do before it’s too late, companies should prepare for the year ahead starting today.
So how can companies get their ACA strategies right? Consider the following tips:
* Simplify benefits administration: Employers must show that they provide employees with the appropriate level of health coverage, by way of the IRS Form 1095-C. This document outlines the months during the year an employee was eligible for coverage, as well as the cost of the most affordable coverage under the company’s plan, in order to show that coverage was made available to employees. When equipped with an advanced benefits administration system, it becomes easy to simplify this process and ensure all necessary ACA data and payroll information are housed in a single spot to facilitate the proof of coverage requirement.
* Improve time tracking: Tracking variable-hour employees can be a challenge for many businesses. A Time and Attendance system that contains configurable dashboards and reporting to appropriately measure against each employee’s look-back period can dramatically improve ACA eligibility tracking while giving businesses the point-in-time information they need to efficiently control benefit costs.
* Find the right compliance partner: Ensuring compliance with the ACA—a complex, constantly changing law—is no easy task, even for the most diligent companies. That’s why partnering with a third party to help the process is a good idea. A good compliance partner is one that consolidates data needed for filing, keeps abreast of changes in the law and the effect it has on clients, and actively guides clients through the implementation of ACA reporting and filing.
* Adopt a unified system: To ensure a complete, compliant approach to contending with the ACA, companies will benefit from working with a provider that can facilitate all of the above. Paycor offers advanced ACA reporting software, leveraging unified systems that enhance each step of ACA management to achieve a comprehensive approach. From IRS filing, employee forms, hour tracking, benefits administration and more, Paycor helps its clients manage each step of the process appropriately.
As companies continue to struggle with the requirements of the ACA, it is important that they adopt the solutions that can streamline how they manage this new world. And those that go at it alone, or rely on disparate systems that don’t talk to each other, will only continue to face difficulty. However, with a unified approach that ties all important information together, companies can collect all necessary information throughout the year, and be well prepared to meet their 2016 ACA filing requirements.
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