As an employer, you are responsible for making sure that your company is in compliance with the Affordable Care Act (ACA). One of the most important aspects of this is accurately reporting on the health insurance coverage you offer to your employees. ACA reporting can be a complex and time-consuming process, but using your benefits administration platform can make it much easier.
Reason #1: Efficiency
Your employee benefits solution already contains all of your employee eligibility information, plan options and costs, and benefit coverage data. Having all of the information you need already in one system creates major efficiencies when it comes to preparing your 1095/1094 forms.
Reason #2: Accuracy
Using your benefits administration platform for ACA reporting can reduce the risk of errors and help you avoid costly fines and penalties. It can track measurement and stability periods, monitor employees that are trending toward gaining or losing eligibility, and alert you if it identifies potential employees that you need to offer coverage to.
Reason #3: Simplicity
ACA reporting can be confusing, but using a tool that already captures all of the relevant data can make the process much simpler. It can guide you through the process step-by-step and provide helpful prompts and reminders to guarantee that you don’t miss any important deadlines or requirements.
Using your benefits administration platform for ACA reporting can help you keep your company in compliance and save you time and effort by making the process much simpler. If you are not already using your benefits administration platform for ACA reporting, now is the time to consider doing so.
