With 3 ACA reporting years behind us, what have we learned?
Employer reporting is complicated and cumbersome – and many employers have become conditioned to believe the end-of-year is the time for “ACA Season”.
Does your organization look forward to these wonderful attributes of the ACA Season?
- Scrambling for information!
- Updating erroneous data!
- Uploading & downloading Excel files (many times over)!
- Integrations that don’t work!
- Headaches galore (and heartache)!
It doesn’t have to be this way – nor, should it!
Let’s go to the nuts and bolts of what employer reporting is…Applicable Large Employers must report when they have (or have not) offered health insurance benefits to their full-time employees, and whether or not the individual enrolled or waived coverage. And don’t forget the other little details such as: does the health plan meet coverage guidelines, and what about affordability standards, and is the plan self-insured to name a few.
Attempting to gather the employee rosters (Who was offered what plan and when?), plan enrollment details (Who enrolled and when? Who waived?) employee premium contributions (Does the employer offer various plans and tiers of coverage?) – while putting this data into a useful format in order to complete the 1095-C and 1094-C forms at the end of the year is not practical for accuracy, compliance or best practices (not to mention the adverse health effects!).
To ensure accuracy and compliance, employers should monitor their employee data for accuracy throughout the year (Which employees are full-time or part-time? Are hire and termination dates accurate?), and pro-actively document the employee roster, enrollment and waiver details into their ACA service. This process is absolutely the best practice – and takes the typical organization about 8-minutes each month to accomplish!
Now – can’t we agree that 8-minutes each month is a whole lot better than facing the dreaded year-end ACA Season? With the 2017 “ACA Season” behind you, stop the madness and take control of 2018.
Great, now go ahead and plan your Holiday Party!