Comprehensive ACA Software Simplifies Reporting and Tracking Year-Round
This post is for Applicable Large Employers (ALEs) required to comply with the Affordable Care Act. We hope you find it useful.
An individual coverage health reimbursement arrangement (ICHRA) allows employers to reimburse employees for some or all of the premiums they pay for health insurance purchased on their own.
ICHRAs (a new type of HRA, or health reimbursement arrangement) became available in 2020. If you are an Applicable Large Employer (ALE) using an ICHRA, it is important to code forms correctly when ACA reporting. Coding mistakes can result in an IRS Letter 226-J, incorrect filing penalties, and a requisite corrections response on behalf of your company to resolve errors.
Here is a helpful blog post that provides an overview of the various ACA 1095-C codes to help make them more understandable. Our IRS-approved ACA software provides a dashboard resembling the 1095-C and simplifies code and ACA-related data management year-round. Or, our ACA Full Service option does it all for you – just provide a spreadsheet with employee data, and we do the rest, including filing.
Our ACA Software
Passport Software’s comprehensive ACA software easily generates employee ACA information, which is also easy to update. You can create thousands of records simultaneously, as our ACA Software has a simple employee import for basic information. This takes a fraction of the time, compared to other ACA management providers who require a massive, 150+ column import spreadsheet of ACA data.
Passport Software’s easy-to-use ACA software produces a variety of helpful reports to help you remain compliant:
· The Insurance report provides an analysis to ensure your offers of coverage are considered affordable under IRS criteria.
· The ALE calculation report determines if your company is an Applicable Large Employer, and the calculation takes into consideration full time equivalents as well as part and full-time employees.
· The Eligible and Insurance Offered report alerts when offers of coverage are needed.
· The Initial Measurement Period & Standard Measurement Period Reports indicate how employees are trending, and if there are any inconsistencies between the classification and actual hours worked.
· The Safe Harbor Comparison Report assesses which safe harbor would be best for each employee.
Our ACA Full Service option provides optional monthly reporting for companies that want to monitor part-time employees trending towards full-time. We also provide insurance cost analysis, custom reports, and administrative services are available a la carte by purchasing support time, including:
· Maintaining termination dates
· Adding new hires
· Changing ACA offer codes and contribution amounts
· Corrections including data entry and new electronically filed corrections with confirmation
ACA Software Filing
Passport Software’s ACA software generates the test files for electronic filers to submit, provides tools to obtain your TCC for free, finalizes your reporting, and automatically generates records for each employee.
At year-end, new files are created automatically, using the December values for each individual employee. The Passport Update Program annually updates any changes made by the IRS to the software, such as new codes.
· Our IRS-certified ACA software requires a one-time purchase with nominal update renewal fee annually
· With ACA Full Service, we import basic employee information, and we handle data management and filing for you
· We are IRS certified for optional proxy submission on behalf of our ACA software customers
· Passport Software also provides penalty response consultation and has helped many companies drastically reduce, or avoid penalties