What is ACA?
The Affordable Care Act (ACA) was signed into law on March 23, 2010, with the intent to expand coverage, control health care costs, and improve the health care delivery system. Two key components of the act include the individual mandate and the employer mandate.
Employers with 50 or more full-time equivalent (FTE) employees are required by the ACA to offer qualifying health care coverage, or potentially face penalties for offering non-compliant coverage.
While employers with 50 or more full-time equivalents are responsible for offering health care coverage, starting in 2015, they are also responsible for reporting under Sections 6055 and 6056 on the offer of coverage to each individual, as well as other plan details. Employers who self-insure for health care must also file, even if they have fewer than 50 employees.
After reading this you might be thinking:
- What does this mean for my business?
- Am I a small or large employer? Why does it matter?
- How do I calculate my FTE’s?
- Am I required to file any ACA forms?
- How do I get and stay compliant?
ACA compliance reporting can be confusing. But don’t worry…we’ve got you covered! Precision Payroll of America is here to help!
PPA’s ACA Compliance Management Services
- ALE Testing (For Fully & Self-Insured)
- Affordability Safe Harbor Analysis
- 1094 B & C Reporting & Filing
- 1095 B & C Reporting & Filing
What ACA Forms need to be filed?
To help you navigate to the necessary forms, or to simply explain the ACA forms that need to be filed, see the table/links below.
ACA Forms Matrix
For a quote on these services, click here.