ACA Compliance and Benefits Administration: Are You Ready?
With the Affordable Care Act’s future uncertain, it’s understandable that employers might have questions about the reporting requirements for 2018 and beyond. But until the existing law is successfully replaced by Congress, the current law remains on the books. That means, for the foreseeable future, organizations across the country still need to think about how they will comply with the ACA’s reporting requirements, and what impact this will have on existing benefits administration processes.
The requirements around the ACA are complex and time consuming, and there are penalties for noncompliance. Using spreadsheets, homemade reports and manual calculations can make the whole process more complex than it already is. Asking your human resources department to manage this process alone comes with risk. That’s why many organizations will turn to a partner to help them meet the government’s deadlines and requirements.
REALLOCATE INTERNAL RESOURCES AND GAIN PEACE OF MIND
Organizations that choose to fly solo must use their internal resources to configure, generate, review and submit their 1094-C and 1095-C forms without any outside help. As a result, those individuals have less time to focus on other priorities, and the process can be costlier.
Organizations that have a partner to help them are able to use their internal resources in other ways, relieving them from these burdens and cutting costs in the process. A partner can also monitor time-sensitive events and alert organizations to upcoming benefits plan deadlines, renewals and expiration dates, helping them avoid the financial penalties triggered by noncompliance. Last but not least, they can respond proactively to any meaningful legislative changes.
In a time of uncertainty, the knowledge that someone has your back can do a lot to bring a sense of stability while empowering your people to focus on more strategic initiatives.
START PREPARING YOUR BUSINESS FOR ACA COMPLIANCE AND REPORTING NOW
For any organization, the end of the year is a high demand period before benefits administration processes, and the requirements around ACA compliance only add to that. With things like healthcare, disability, family leave and more, the stakes are high – but the risks of noncompliance are real. If you don’t want your organization to end up with penalties, finding a partner can not only relieve internal resources and cut costs—it can bring peace of mind to both you and your employees.