Your ACA Reporting Q&A
Managing the reporting requirements for the Affordable Care Act (ACA) can be a daunting task, even for the most prepared organizations. Being prepared is vital to staying compliant and avoiding steep penalties. The questions and answers below will help you determine how prepared your organization is for your ACA reporting requirements.
Do you know if your organization is considered a large employer (ALE)?
ALEs have 50 or more full-time equivalent employees. This is the threshold that determines if you’re required to offer health coverage to full-time employees. Employers with close to 50 full-time equivalent employees can use Workday’s Measurement Reporting to manage their employee hours.
Are your health benefit plans considered affordable for your employees?
Workday’s reporting tools can show you each employee’s taxable income and compare it against single or self-only coverage deductions, which will help you determine if your plans are affordable.
Do you know how to determine which of your employees are considered full-time and eligible for health care coverage?
Workday reporting will identify which employees are full time in accordance with the ACA’s definition, and therefore eligible for health care coverage.
Do you know how to determine measurement and stability periods?
Workday measurement tools will allow you to easily keep track of measurement, administrative and stability periods for each employee.
Do you know if Workday can help with 1094-C and 1095-C Reporting?
Workday allows you to configure, generate and file the 1094-C and 1095-C forms required by the IRS. This will ensure that your employee’s data is printed, distributed and reported to the IRS on time.
Do you know what the penalties are for failing to offer health care coverage or file the required forms to the IRS?
Employers that do not file may face penalties of up to $250 per employee and up to a maximum of $1.5 million.
Extend Your Team’s Reach and Meet Your ACA Reporting Requirements With a Certified Service Partner
While no organization wants to face stiff penalties, not every team has the bandwidth, resources or subject matter experts necessary to handle every crucial HR task in-house. If you’re concerned about your organization’s ability to meet its ACA reporting requirements, a service partner can provide invaluable help. Combining innovative technology with deep domain expertise, your partner will extend your team’s reach to help you avoid penalties and provide your employees with the best possible health benefits.