We admit it…the Affordable Care Act is a very complex piece of legislation. The fact that the mandates and general filing rules required by the ACA are constantly changing does nothing to bolster confidence among employers that must report. If you are the representative responsible for mandatory reporting at your ALE or PEO than this burdensome task falls upon your shoulders. Do you have nightmares about the individual mandate and electronic filing? Do you find yourself cringing at the thought of a Form 1095-C? You are not alone! Let’s break down the most overwhelming aspects of the Form 1095-C. Don’t worry, there are SO many solutions that ACAwise can provide!
So Many Pages…So Much Panic
Yes, the sheer volume of information contained in a 1095-C can be completely disorienting! The form 1095-C consists of four pages of itemized lines which must be filled with correct, corresponding codes…are you still awake? Not to mention if you are filing for an Applicable Large Employer than there will be at least fifty sets of this form and it’s companion cover letter. If you are filing for a Professional Employer Organization than you will be creating 1095-C forms for all of your clients…this will add up…and up…and up.
There is an easy solution to this stressful situation…It’s called ACAwise. Let us handle the volume for you! As a compliance solution service, many of our clients are Large Applicable Employers and Professional Employer Organizations. We know that you have better things to worry about than ACA compliance so our software is designed for ease. You will send us your employee healthcare data, and we will sort it and validate it. If there are any errors we will fix them and keep your data secure on a HIPAA compliant server.
Line Sixteen…Not So Sweet
Line sixteen of the form 1095-C is no party…it’s a crucial area of the form. This means the IRS will definitely be looking at this line for key information on your business. This particular line is basically telling them the result of your business’s offer of health insurance. Depending on the code, they will be able to understand whether or not you offered a full-time employee health insurance and whether or not they accepted this offer. It also answers the important question, “was this offer affordable?”.
This line is also crucial because it provides employers with a “safe harbour”. This is where an employer can prove that the health insurance plans they offer are affordable based on their employee’s rate of pay.
ACAwise To The Rescue…
If figuring out safe harbours is making you feel unsafe then it is time to sign up for ACAwise. ACAwise has the ability to generate the form 1095-C for you. This also means that it can generate all the codes that are specific to your business’s situation. You are able to review these forms at every point of the process and our invaluable support team is available to assist you along the way with any questions that may arise. Then we send out your 1095-C forms to your employees and the IRS by the deadlines. That was so easy…now you can check ACA compliance off of your to-do list!