Ashton-Blog

Whats Next for the ACA?

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President Donald Trump and Republicans in Congress have committed to repealing and replacing the Affordable Care Act (ACA). How do their replacement proposals compare to the ACA? How do they compare to each other?

Kaiser Family Foundation has put together a comparison tool to view how each plan could impact employers and employees alike.

Overall, there are 5 plans that have been proposed:

  • The Affordable Care Act, 2010 (PDF)
  • Rep. Tom Price’s Empowering Patients First Act, 2015 (PDF)
  • House Speaker Paul Ryan’s A Better Way: Our Vision for a More Confident America, 2016 (PDF)
  • Sen. Bill Cassidy’s Patient Freedom Act, 2017 (PDF)
  • Sen. Rand Paul’s Obamacare Replacement Act, 2017 (PDF)

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Topics: aca, aca compliance, compliance

IRS’s Guide to ACA Compliance for Applicable Large Employers

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In 2016, the Affordable Care Act has issued reporting requirements for applicable large employers. Because of
special circumstances, the IRS recently drafted a guideline for employers to clear up any questions in order to remain in compliance.

Applicable large employers are classified as employers with 50 or more full-time employees or full-time equivalent employees. These employers must report if a full time employee was offered minimum essential coverage providing minimum value and if they accepted minimum essential coverage. The ACA has required applicable large employers (ALEs) to use Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage for its reporting requirements.

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Topics: 2016, aca compliance, applicable, benefits technology, compliance, forms, healthcare reform, IRS, large employers, reporting

Comply with the ACA’s Employer Shared Responsibility Rules

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Is your business prepared to handle the Affordable Care Act’s biggest requirement for business’?

The employer shared responsibility provision went into effect this 2015 calendar year. Constant coordination and communication between HR managers and payroll is needed in order to ensure accuracy in reporting requirements and payroll data.Here are five ways to ensure accuracy in order to avoid penalties:

  1. Keep track of reporting time periods
    • Choose a look-back period of three months to one year
  1. Coordinate with HR for accurate reporting
    • Complete Forms 1094C and 1095C for end of the year reporting for the 2015 tax year. Get information for employer status, coverage affordability, and eligible employees.
  2. Provide correct information for hours worked
    • Employee service hours are used to determine the full time status for the stability period, and ensure data provided covers the time period. Determine employer status and full time employees. Take note of personnel changes that affect employee’s full time status.
  3. Offer the right health care coverage
    • Make sure affordable coverage is offered to full time employees and dependents in order to avoid penalties.
  4. Determine affordability
    • Affordable health care under employer shared responsibility is coverage that does not cost over 9.5% of employee’s annual household income. Determine affordability through Form W-2, employee salary, or hourly rate information.

HOW ASHTON CAN HELP YOU

With Ashton Benefits’ free online platform, gathering accurate data for reporting requirements can be made easy. Ashton clients receive our system that tracks the correct information. Manually tracking information about your employees without it would be a nightmare. Your company can easily access and update data from your payroll, health insurance, and HR systems all online, in one place. Ashton Benefits is here to help you to remain compliant.

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Topics: aca, aca compliance, employer shared responsibility, healthcare reform, HR, hris, payroll, Technology