Also known as ObamaCare, the Affordable Car Act was created specifically to reduce the healthcare costs for those persons that are not insured, but at the same time it also tries to improve the quality of healthcare services offered in the entire US.
What do you need to know about ObamaCare? We summed it up in a simple, easy to use list!
All compliance requirements are based on employee numbers
If you want to see whether your business is subject to the ACA requirements, then you need to understand if you are an ALE. If you have at least 50 employees that work for you full time, then you will be an Applicable Large Employer and thus you will comply with the ObamaCare requirements.
The total employee number also includes the full time equivalent employees
Even if it might not sound like that at first, the number of full time employees also includes the full time equivalent ones. The ACA states that full time employment is comprised out of at least 30 hours of work per week, so you do need to include all types of employee categories here.
The business has to offer affordable health insurance
Basically, the ObamaCare act focuses on offering a minimal value, affordable insurance. This means less than 9.5% of the entire household income for any house, and a minimal value means around 60% of the entire healthcare cost that a person has to face.
Tracking employee information
ACA compliance also focuses on making sure that you can track employee information. You can’t usually do this manually as it can take a lot of time, but there are lots of tools such as Zenefits that will allow you to access such information online. With such tools you will be able to retrieve and then capture all information without having to deal with a lot of paperwork in the process, and that is truly important.
ACA compliance will also require you to submit the key documents that will truly show you are dedicated and compliant to the entire experience. You need to submit the form 1094-C, the form 1095-C and the written statement to each covered employee. This is essential because otherwise you won’t be able to include your company for the ObamaCare benefits.
Remaining ObamaCare compliant can be demanding and this is why finding the proper tools to help you is essential. With the focus on proper documentation and online management, you can easily remain ObamaCare compliant and have the ACA bonuses that your users definitely need, so keep that in mind at all times! Follow our instructions and it will be a lot easier for you to understand what demands the ACA has, as well as the ways that you need to use in order to remain compliant, which is indeed a necessity all the time!