ACA Compliance Solutions: What You Need to Know
The Affordable Care Act (ACA) has become a common subject within the walls of America’s businesses. Leadership is asking many questions: how is this going to affect my company? What do I have to do to stay compliant with the ACA? What happens if my company is found non-compliant? While these questions are buzzing around the boardrooms and corporate offices, exterior services are building platforms and business models to cater to corporate ACA needs.
Here is what you need to know:
Section 6055 reporting is based around minimum essential coverage. In 2015 companies are expected to have at least 70% of their employees covered. In 2016 the coverage percent jumps up to 95%.
- Section 6056 reporting is based around full-time employee. Redefined by the ACA a full-time employee averages at least 30 hours a week or 130 hours a month.
- Payroll companies are gearing up to offer ACA compliance solutions. The issue? Payroll companies do not necessarily have your benefit information.
- Benefit companies are stepping up and offering ACA compliance solutions, some even for free. The issue? Benefit companies do not have your payroll information.
- Compliance companies have created solutions to fit your business. The issue? You now have to figure out a way to feed your payroll and benefit information into their system.
- MyPayrollHR eliminates those issues by partnering with ACA Compliance expert XactACA. Our ACA solution combines payroll, compliance, and works with any benefit provider.
To learn more about your ACA compliance solution options, join our webinar August 25th at 1PM EDT.