ACA – It’s more than you might think.
You have to manage Affordable Care Act compliance somehow. Even if you will only pay the penalties, you need to track and identify qualified full-time employees, maintain appropriate records, prepare and submit detailed IRS reports. You need to know your real costs and figure out how to protect your margins.
Too many staffing companies are focused only on the “pay or play” decision, the insurance products that are readily available or the premium costs. They may be in for a big surprise.
The real cost of ACA compliance is in administration
- systems/processes to identify eligible employees in real time;
- communicating eligibility and plan specifics;
- supporting employees with ACA and plan information;
- managing an on-going enrollment process;
- documenting offers and employee selections;
- converting weekly deductions to monthly premiums;
- managing payroll deductions and deduction accruals;
- managing monthly policy adds, deletes and changes;
- reconciling carrier invoices;
- refunding excess premium deductions to terminating employees;
- managing COBRA compliance and premium collections;
- preparing statutory ACA/IRS reports;
- auditing and responding to erroneous penalty charges.
With People 2.0, the analysis is done and all ACA compliance is managed for you. You know you have the right solution because you qualify for the best available insurance plans, and you have all the tools you need to understand costs and manage margins.