Complying with the ACA: Get Started on the Right Foot in 2016
Complying with the ACA: Get Started on the Right Foot in 2016

Complying with the ACA: Get Started on the Right Foot in 2016

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.


Previous ACA Articles:

Managing the ACA Employer Pay or Play Penalties: The Best Path Forward
What Are the Reporting Requirements for the Affordable Care Act?
Preparing for the ACA: Are You Ready?

More to Discover

What are Supplemental Unemployment Benefits?

What are Supplemental Unemployment Benefits?

Reductions in force are unavoidable in economic downturns, but are traditional severance packages the way to go? They can be a big hit to your company’s cash flow and are subject to payroll taxes. The tax-friendlier option, Supplement Unemployment Benefits plans (SUBS), can spread out costs and deliver the same value for the employee, too. How Do Supplemental Unemployment Benefits Plans Work? SUBs got popular in the ‘50s as a way to help workers in industries with cyclical employment patterns get a more steady income. SUBs were often fought for in collective bargaining agreements. They’re growing in popularity again across industries. Under a SUB plan, in the event of a Reduction in Force (RIF) or temporary unemployment due to training,...

Take Our HR Benchmarking Quizzes

Take Our HR Benchmarking Quizzes

Paycor's research shows that 75% of high-functioning HR teams spend their time on mastering key pillars of HR excellence. Want to know how your team stacks up against others? Take our benchmarking quizzes to find out and get customized action plans based on your results. Recruiting Benchmark Quiz Benefits Benchmark Quiz Labor Costs Benchmark Quiz People Management Benchmark Quiz Compliance Benchmark Quiz

Remote Work Policy - Information Security Template

Remote Work Policy - Information Security Template

To make remote work successful, HR needs to think through risk mitigation policies, especially if it’s new to your organization. One of the biggest issues to consider is information security. It’s important that your remote workers know what to do in case of a security breach or data loss. Download Remote Work Information Security Policy Template Why Information Security is Important for a Virtual Workforce Protecting your company’s data (and the data of your clients) is hard enough when everyone’s working in the same office. It gets more difficult in a distributed, virtual environment. When an employee is offered the opportunity to work remotely, you may want them to sign an initial work from home agreement covering the general...

COVID-19 ADA Requirements

COVID-19 ADA Requirements

UPDATE JUNE 22: Updated EEOC guidance states that “requiring antibody testing before allowing employees to re-enter the workplace is not allowed under the ADA”. What is the ADA? The Americans with Disabilities Act (ADA) is a federal law that provides protection to disabled workers. The ADA prohibits employers from discriminating against employees on the basis of a physical or mental disability. This legislation applies to any business with at least 15 employees and prohibits discrimination against those with disabilities in all aspects of employment. How does the Coronavirus pandemic impact ADA compliance? Short answer, we don’t know yet. The Americans with Disabilities Act (ADA): The Basics The ADA broadly prohibits discrimination in...