Do you have to comply?
A company that employs 50 or more full-time equivalent employees is defined as an Applicable Large Employer (ALE). The employer mandate requires all ALEs to offer minimum essential coverage that is both affordable and provides the minimum 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.
Built-in isolved ACA reporting and information access tools enable:
- Downloadable forms to produce and file applicable 1094 and 1095 submittals
- ALE test to calculate FTEs and determine ALE status
- Look-back reporting to identify changes in employee ACA status and benefit eligibility
- Affordability report to determine if health benefits are in-range based on ACA safe harbors
- Projection tools to estimate new affordability
- Draft versions of ACA annual forms available to run on demand for pre-filing verification
- Override options for employee, dependent or benefit
- Annual 1095-C form production and delivery
Employers that do not have a solution for collecting and managing the necessary employee and benefit data to satisfy Section 6055 and 6056 reporting requirements run a significant risk for incurring reporting penalties and ACA excise taxes.