What about all of these reporting requirements for the ACA?
Traditional Approach: Process paper
Information reporting was voluntary for calendar year 2014. All applicable large employers are required to report health coverage information for the first time in early 2016 for calendar year 2015.
To prepare for 2016, applicable large employeres need to track information each month in 2015, including:
- Whether you offered full-time employees and their dependents minimum essential coverage that meets the minimum value requirements and is affordable.
- Whether your employees enrolled in the self-insured minimum essential coverage you offered.
Human Resource departments are short staffted and overwhelmed with paperwork. As the level of complexity in benefits administration continues to increase, a long term solution isn't to throw more people at the problem.
The traditional solution is to reach out payroll service providers with the hope they'll be willing to assume the responsibility. But these often come with signifcant price tags.
Innovative: Leverage technology to talk to current platforms
To gain efficiencies, the implementation of systems that integrate with payroll providers, employee communication portals, etc. are essential. But instead of an approach where all systems are bundled as one, the best solution is to get the best of each platform and have them integrate. This way employers get the benefit of integration, with the best tools available, at the most aggresive cost.