Many employers do not have the systems in place to efficiently comply with the Affordable Care Act (ACA). Deploying the right solution is critical given the requirement that 1095-C forms need to be delivered to employees by January 31st.
An efficient solution for ACA compliance must have four core capabilities:
1. Track the data necessary for reporting compliance:
- Group health premiums, coverage dates and, for self-funded plans, dependent information
- Compensation data (payroll)
- Time (hours worked)
2. Aggregate the data:
- If the required data lives in disparate systems (Human Resources, Payroll, Benefits, and Time Keeping) it must be aggregated to present a clear, timely, and accurate picture of ACA status in real time. Aggregating this data is hard enough to do at the end of the year, not to mention continuously to support real-time decision making
- If employers are members of a control group (related employers that consist of more than one legal entity), data must be aggregated for the entire control group
3. Measure and analyze the data to support real-time decision making throughout the year:
- Alert the employer when employees attain or lose coverage eligibility
- Understand affordability to avoid substantial penalties for not offering affordable coverage
4. Report the required data to employees and the IRS each January for the preceding year:
- Self-insured plans must complete Section III of the 1095-C form and therefore must track and report dependent information
- Large employers (250 or more employees) must report data to the IRS electronically using the IRS AIR reporting system
Can your technology efficiently deliver on the requirements of the ACA during the 31 days of January?
Mosaic’s Workforce One platform is uniquely positioned to address ACA compliance. Workforce One is a comprehensive workforce management system that has the Human Resources, Payroll, Benefits, and Time Keeping capabilities the ACA requires – all delivered on a single database with a single user- interface.
If you would like to see how Workforce One can automate ACA compliance, call (303) 645-4270 or visit www.mosaices.com.