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iSolved helps smooth out the complex task of managing your workforce benefits.
Increase employee engagement with proper checks and reporting, which will simplify the open enrollment period for everyone involved.
Make changes to benefit plans quickly, ensuring your employees have the right coverage for their changing situations.
Ease enrollment for your employees with easy cost benefit comparisons.
The iSolved enrollment process increases employee engagement, and includes checks and reporting to help smooth out the complexities of your open enrollment period.
We work hand in hand with your broker and will ensure your employees have the information they need to properly and efficiently manage their benefit selections.
Do you have to comply? Companies that employ 50 or more full-time equivalent employees are defined as an Applicable Large Employer (ALE). The employer mandate requires all ALEs to offer minimum essential coverage that is both affordable (9.86 percent income for 2019 and 9.78 percent for 2020) and provides minimum value (policy pays 60 percent of the costs) or face a penalty called the Assessable Payment (play or pay). This coverage must be offered to all full-time (FT, defined by total hours of service) employees and is determined by using either a monthly or look-back measurement period. The employer mandate applies to ALEs of 50 employees or more or small employers (those not considered ALE) who offer health insurance through a self-funded or self-insured health plans. Self- funded healthcare employers must provide a Form 1095-B to each employee who elected health insurance coverage.
If ALEs offer FT employees coverage deemed unaffordable (at least 9.86 percent income for 2019 and 9.78 percent for 2020 of the employee’s income for the least expensive employee-only, compliant plan) or doesn’t provide minimum value (the plan’s share of total cost of benefits under the plan is less than 60 percent), the employers may face a penalty. For more information on penalties and employer shared responsibility please visit https://www.irs.gov/affordable-care-act/employers/questions-and-answers-on-employer-shared-responsibility-provisions-under-the-affordable-care-act.
In order to meet ACA reporting requirements, employers should continually be compiling and analyzing data throughout the year to determine coverage and affordability. Required data collection includes...
Important dates. The applicable 1094 and 1095 forms must be provided to employees by January 31 and filed with the IRS by February 28 (paper filing) or March 31 (electronic filing). The IRS will use these forms to determine employer shared responsibility and affordable minimum essential coverage, so having data accurate and readily available is critical.
Your compliance made easy. Don’t wait any longer to make your move to comply with ACA requirements. Remember to consider all of the factors and minimize your compliance risks.
iSolved ACA Reporting is a robust solution that can keep you in compliance: