Are You Procrastinating Your Affordable Care Act Plans?

Alarming survey results show that a significant number of employers are confessing that they have not yet decided how they will handle reporting requirements for the Affordable Care Act (ACA).  Because the data can be scattered among Payroll, Human Resources, Benefits, Legal, Finance and perhaps even third parties, the data collection challenge can be daunting. Furthermore, this will not likely be a process that a single person will be able to handle in a short amount of time.  It’s going to require a well-defined team and a detailed plan. 
The information applicable large employers, or ALEs, will be reporting covers every month in 2015, so if you have not yet begun, then you are already almost six months behind in capturing employee counts.
What defines ALE again?  An applicable large employer has an average of at least 50 full-time employees.  A full-time employee generally means they work on average at least 30 hours per week.
Regardless of how far-reaching your ACA net must be cast, the fact is that reporting is due in January 2016.  The same day you hand out your 2015 Forms W-2, ALEs must also distribute Forms 1095-C.  The penalties for non-compliance are very high, and large employers face the potential for accumulating hundreds of thousands, if not millions, of dollars of penalties if their annual healthcare reporting is not managed properly.
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