Do the New ACA Reporting Requirements Pertain to Me or My Business??

For calendar year 2015, applicable large employers (ALE) are required to report to the IRS information about the health coverage, if any, they offered to their full time employees in 2015.

The data the IRS is looking for will come from different sources an employer has in place to track the necessary information.  A few examples are:

  1.  HR system –employee date of hire, status at your organization (FT, PT, Union, 1099).
  2. Time and Attendance – Do I have variable hour employees? Do I need a look back period?
  3. Payroll – employee social security number, rate of pay.
  4. Benefits – MEC (minimum essential coverage) documentation, eligible employee cost, plan funding (fully insured vs. self-insured).

With new legislation and tax compliance requirements, the reporting that business owners are responsible for is greater than ever before.  Employer groups are finding it challenging to navigate the ever-evolving landscape of healthcare today.  They are asking themselves:

  •  Are we informed enough on the potential risks and exposure of non-compliance?
  •  Do our current data collection processes that we have in place allow us to pull the above referenced data efficiently, effectively, and accurately?
  •  Will these added reporting complexities keep us from your core focus – our business?

 Don’t assume that you’re getting the right advice as we are finding that our clients have gotten mixed messages.  Reach out to your Early, Cassidy & Schilling, Inc. contact or contact Christine Pettis at pettiscm@ecsinsure.com,  as we have solutions to meet the need of clients of all sizes.

 

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