Automating Regulatory Compliance: ACA

10/4/18 2:01 PM

 

The Affordable Care Act (ACA) was signed into law in 2010. It mandated new and detailed health coverage and reporting requirements for businesses. ACA eligibility is determined based on company size or the average hours worked per month. Companies must calculate healthcare coverage for employees who work a 30-hour work week, enroll eligible employees and/or weigh penalties for non-compliance.

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The ACA also mandated that companies report to the IRS on employee healthcare coverage. Many businesses, especially those with a mix of hourly and salaried employees and contractors, struggled to adjust to ACA. Lawmakers are still debating whether to modify or repeal ACA. The future is still murky, but however it unfolds, businesses must be ready to comply with the changes—while also keeping health insurance costs in line and keeping employees healthy, productive and happy with their coverage.

ACA penalties

When it comes to ACA administration, spreadsheets, home-grown reports, and manual calculations will do little to simplify an already highly complex process with potentially significant financial consequences. Instead, organizations like yours need integrated human capital management tools that provide complete automation and high-quality information for driving cost-effective labor decisions and minimizing ACA compliance risk. 

Automated workforce solutions provide you with the ability to:

  • Set up and apply different rules for different types of workers.
  • Adjust rules in a consistent way as legislation changes.
  • Access both real-time and historical data. 
  • Set up compliance alerts.
  • Automate benefits enrollment for eligible employees

These solutions also help you perform valuable “what if” assessments to weigh the impact of different labor strategies and alternative plans. 

Compliance rules touch every facet of the employee experience, from hire to retire. As your employee headcount grows, you will need more than a cursory knowledge and a “patchwork quilt” approach involving manual processes, spreadsheets and mismatched applications to successfully tackle the compliance challenge.

Bring order to compliance chaos with cloud-based, automated workforce solutions that are designed to help you apply, manage and streamline employee-related processes and policies. These solutions not only give you the guardrails you need for consistent and effective compliance management, but also provide the visibility, controls and efficiencies necessary to ensure viability, growth and peace of mind.

For more information on how automation can assist in regulatory compliance, download our free whitepaper today. 

 managing regulatory whitepaper

Stay tuned as we talk more about regulatory compliance on the blog and how you can adjust, manage and comply with new regulations as the healthcare debate unfolds.

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