Navigating the ACA has been compared to steering your boat through stormy waters. Not only is it hard to foresee the rough waves ahead, but the heavy winds are putting your boat and crew through obstacles that may seem impossible to overcome. The analogy is obvious; the boat is your organization that you continue to lead on a path to deliver the best care and services to the community. The crew is the team of individuals with distinctive responsibilities that keep your organization pushing forward to complete its mission. During stormy times, it is easy to become fearful of what lay ahead, but you can warrant success when you have the right tools.
Some would argue that the best tools to navigate a boat are a map and compass. They are essential to get you through the rough waters to the proper destination. Those tools have evolved over time and are now more technologically advanced and often part of a unified system. What are the best tools to get you to the necessary 2015 ACA monthly reporting requirements and can they be integrated?
|Total number of employees and equivalents for each calendar month||HRIS (Human Resource Information System)|
|Employees’ share of the lowest-cost monthly premium for self||Benefits Administration|
|Social security number of employees, spouses, and dependents||Employee Self-Service|
|Names and EINs of other employers within the reporting employer’s group||Robust HR Reporting|
|Section 4980H transition relief indicators and safe harbor||Tax Services|
As explained by benefits consultants, Hill, Chesson & Woody, “Ensuring internal time and attendance systems, record management, and payroll systems are capable of producing the required information is critical” and are the best tools to navigate the ACA. These tools are most valuable to an organization when they are integrated and can report from a single source of data. Although the reporting is not required until January of 2016 to employees and March 2016 to the IRS, the goal is that the infrastructure is in place by December 31, 2014 to ensure the necessary data is collected for 2015 and the organization is in compliance.
Do you have the proper tools to navigate the ACA?