What Are The Crucial Factors To Consider Before Choosing An ACA Reporting Service Provider?

Every ACA reporting service provider will require information from you to accurately report on your behalf and fill out the necessary IRS forms, which proves that you're compliant with ACA. 

Check the information they require from you, and how difficult (or simple!) It is to organize and collect that information in the correct format so that you can estimate your effort in this regard. You can visit www.cxcsolutions.com/compliance/aca-reporting/ to get affordable care act reporting services.

 

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At at a minimum, they'll require the following details through your pay system:

  • Data on the demographics of employees (e.g. name address, SSN date of termination or hire)
  • Hours of work by the month (or according to pay periods)
  • In the benefits system, they could also determine which employees and dependents are enrolled in insurance every month

Ideally , the data is easy to produce and for the vendor to provide an encrypted method to send your (sensitive!) employee's data to them, and the vendor will take charge of arranging the data.

Along with providing the information your service provider will also ask you to sign off in their IRS forms they design and, when necessary, provide the correct information based on any mistakes discovered by the IRS (for instance the incorrect social security number).

A reputable ACA reporting service company will also send monthly eligibility reports which will let you know the employees who need health insurance in order to remain compliant to the ACA.

Some providers will even help you to better understand your health plan's design and how it affects ACA conformance (e.g. date of plan commencement, price of coverage, measurements period as well as waiting times etc.)