The Affordable Care Act, the Employer Mandate, FTE tracking, and much more. How are you, as an employer handling healthcare reform? With the mandate now in effect for all employers with more than 50 full-time equivalents, or FTEs, you will need to offer affordable coverage to employees or pay a fine per employee.
Knowing this, do you know how many FTEs you have (and any that don’t count toward that number)? Do you know what hours count toward FTE status (jury duty, FMLA absence, vacation, and more all count)? Do you know that to track employee hours, it requires a year’s worth of payroll and benefits data—all broken down monthly?
With so many opportunities for errors, there ae many places that your data could be off—leading to fines and penalties you did not know you had coming.
Confidently Walking the ACA Reporting Tightrope
To address this, our friends at Integrity Data recently released a new infographic, “ACA reporting have you walking the tightrope?,” to help you avoid missteps in reporting.
Featuring checklists and resources, the infographic highlights the following and more:
- Tasks you should be continuously tracking: Recordkeeping of every employee’s hours of service (hours that an employee is available to the employer in addition to paid hours on the job).
- Monthly tracking: Identifying ACA-defined full-time employees who are eligible for health insurance (Here’s how), Reviewing the list of newly eligible employees (and the consequences for not doing so), Testing affordability for employees, and keeping records of every calculation and each determination.
- Year-End To-Do List: At the end of the year, employers who have accurately tracked data have an easier time producing a 1095-C (with monthly breakdowns), and filing copies of employee forms using the 1094-C transmittal form.
For more information, download the infographic from Integrity Data by registering to receive the 2016 ACA checklist here.
Learn More: ACA Checklist Webcast
Brittenford Systems recently partnered with Integrity Data to present a webcast, ACA Readiness Checklist, featuring insights from experts from EmployeeMax and Integrity Data, who shared their experiences and insights on how an organization can recognize lower costs with improved accuracy in less time each month.