The healthcare landscape is constantly in flux, making it hard for businesses to feel confident managing their insurance plans and ensuring their compliance. While the future of the Affordable Care Act is uncertain, it’s still very much alive, with over 8,000,000 people signing up during the 2017 open enrollment period. However the ACA may change in the future, these changes shouldn’t necessitate your paralysis now. So, how can you be sure your business is ahead of ACA compliance? Just follow these 3 steps:
First, we must determine if you’re considered an Applicable Large Employer (ALE). A company is considered an ALE if it employed an average of 50 or more full-time (FT) employees, including full-time equivalents (FTEs), during the previous calendar year.
Need help calculating your not-full-time employees? Download our ACA compliance guidebook here to learn more!
Ensuring that you provide “minimum essential coverage” to 95% or more of your eligible employees is one of the core purposes of the ACA. In order to comply, coverage must meet two requirements: it must be affordable and it must also be of minimum value.
If you’re an ALE, and you’ve collected all the necessary info from your workforce, as well as made the necessary calculations, then it’s time to complete the two documents required for ACA compliance: Forms 1094-C and 1095-C.
FORM 1094-C: EMPLOYER TRANSMITTAL
FORM 1095-C: EMPLOYEE STATEMENT
If you want further help with ACA compliance, look into our Zenefits Compliance tool today!
Here’s what customer Amy Dalebout from FiscalNote has to say about our compliance app:
“Do you like completing legally required paperwork that leaves you stuck in spreadsheets for days? Neither did we – and that is where the ACA Compliance App came to the rescue, saving us time by syncing our information and generating our paperwork automatically.”
Zenefits ACA Compliance Automation automatically:
Want to learn more about ACA compliance? Download our pocket guidebook today: