Many employers are overwhelmed by the regulatory demands when it comes to the Affordable Care Act (ACA), as this adds to their already-heavy workload. Keeping up with new legislation and industry changes can be challenging, but not keeping up with them can have severe consequences such as legal penalties. If you are wondering how you can manage ACA compliance without tipping yourself over, here are some useful tips you can consider:
Although the ACA has created an environment where administering benefits seems like an onerous task, the good news is that technology can be used to handle much of the burden on your behalf. A good benefits platform is designed to handle things such as eligibility tracking or enforcement in a seamless manner. It also handles healthcare incentives and IRS reporting, which makes compliance far less complicated that it has to be.
Utilizing Videos for Clarification
ACA has received extensive coverage in the media, and as a result, your employees will likely have many questions about the impact it will have on their benefits. To reduce the impact of these inquiries, it is important to create a communications system that allows employees to find the information they need. Educational videos which thoroughly describe the healthcare reforms in a manner that is simple to understand will provide your employees with all the information they need, which reduces the time spent receiving and responding to inquiries.
Unleashing the Power of Cloud
Cloud based software gives employers the ability to respond rapidly to industry changes as well as new government regulations. This ensures that businesses are always updated because such software feature regular release cycles which make the newest functionality and features available to them. The needs of the marketplace are constantly evolving and it’s no secret that cloud based services ensure you can address them well.
TRAXBenefits is a Great Solution to Help You Manage ACA Compliance
ACA reporting can be a breeze when you tap on TRAXBenefits, a sophisticated software platform that makes reporting much faster and easier. Employers all have specific filing requirements, which will depend on the size of their workforce as well as their benefits plan and various other factors. There are a number of significant advantages to using TRAXBenefits for ACA compliance which include the fact that administrative processes can be streamlined, which will save you a considerable amount of time and resources.
TRAXBenefits also uses state-of-the-art technology which is capable of tracking the reporting requirements needed for tax forms 1095-B and 1094B.Data which is relevant to ACA reporting will be securely stored in an application which is web based, and you will be able to access it 24 hours a day, 7 days a week. Hence, using TRAXBenefits ensures that your company is always in compliance with the newest industry standards and IRS rules, which means that your chances of having legal conflicts or penalties are greatly reduced.
TRAXBenefits has helped numerous clients become ACA compliant and saved them tremendous amounts of money and time. Our services are scalable which means they can be adjusted to the size of your business, and our software system also features an interface which is both simple to use and intuitive. Let us help you take the guesswork and stress out of ACA compliance today!