Some businesses view the Affordable Care Act (ACA) as a costly, complicated regulatory burden; however, it doesn’t have to be that way. Managing and learning the data needed to comply with this important regulation can be simple and efficient, instead of a time-consuming distraction. It all depends on the technology you have in place.
Compliance with ACA requires careful oversight of payroll and benefits data for each of your employees all year long. Understanding what needs to be monitored and how changes can impact an employee, or your business, is one thing. Putting that knowledge into practice tends to be a bit more challenging for many businesses.
- Your human resources or payroll team needs to collect and manage several types of data, including each employee’s eligibility for coverage.
- You need to document which employees are eligible, when an offer is made, and their response.
- You also need to ensure that the health plans being offered meet the ACA standard of affordability for each eligible employee using any of the three permitted safe harbor calculations.
Managing this type and volume of data simply can’t be done efficiently or accurately with paper-based systems or elaborate spreadsheets. The penalties for mistakes and noncompliance are far too high to trust manual tactics.
Ensure ACA Compliance with the Right Technology
ACA Compliance Solution is a comprehensive, 360-degree system for ACA tracking and reporting. This solution easily integrates with a standalone payroll system, or with the payroll module of an enterprise resource planning (ERP) solution. Employee records are securely imported from the payroll system into the ACA tracking and reporting engine and the ACA Compliance Solution continuously and automatically monitors the data. Alerts can notify managers when it’s time to make an offer of coverage and document these transactions each month, every month. Built-in calculators review each employee’s contributions and use the safe harbor rules to determine affordability of coverage. In addition, the ACA Compliance Solution provides managers with dashboards for at-a-glance review of important action items, reporting dates and other ACA news.
Be confident with ACA compliance by replacing manual processes with the right management solution. Download “ACA Reporting Have You Walking The Tightrope?,” a complimentary infographic, for helpful guidance and tips. Contact Integrity Data for more information about learning to us their ACA Compliance Solution to turn a potentially time-consuming burden into a simple, efficient process.