What was a sigh of relief for the White House isn’t exactly a sigh of relief for employers. On June 25th, 2015, The Supreme Court upheld ACA subsidies in the long awaited ruling of King v. Burwell. What does that mean for you? The ACA is here to stay and so is the wave of complex new reporting requirements.
Meeting these requirements is no easy task. If you want to avoid harsh penalties and headaches, the most important thing you can do right now is find out exactly what you need to know. There’s a cloud of myths and misconceptions surrounding ACA reporting, but don’t worry, we’re here to help. The time to act is now. Consider compliance conquered with mCOMPLY— our comprehensive, standalone ACA compliance solution.
Check out a sneak peek and download our complete fact sheet of "The 7 Myths & Truths of ACA Reporting" below to get the truth about ACA reporting before it’s too late...
SNEAK PEEK- The 7 Myths & Truths of ACA Reporting.
TRUTH: Some payroll vendors may have most of the information, but it is unusual for payroll vendors to know:
- When a change in status occurs that may cause a reporting code change.
- The date an employee is eligible for benefits. Not when the employee starts contributing, but when the employee was offered benefits.
- When an employee’s benefit effective date begins and ends. Again, not just when the contributions begin and end.
- If an employee waives benefits.
- Whether the employee is enrolled in a self-insured plan.
- If the employee has enrolled any dependents in the plan.
- The lowest cost of the employee only medical plan offered to the employee.
#2 MYTH: I can wait and decide later this year how I’m going to meet the reporting requirements.
TRUTH: Two cautions...
- Data must be reported for each month of the 2015 calendar year. If you don’t have accurate historical records of all changes you will not be able to do accurate monthly reporting.
- Many vendors are increasing their implementation fees to address compression issues with last minute decisions and trying to recreate historical data.