Solving an urgent problem with a full-service benefits engagement platform in the cloud
Orlando, FL – March 12, 2015 – PlanSource, the leading cloud-based health exchange and benefits engagement platform, announced the launch of new features that enable both employers and employees alike to comply with the complex qualification and reporting requirements of the Affordable Care Act (ACA). The PlanSource Platform provides a flexible ACA solution that is scalable for organizations from 50 to 100,000+ employees.
Under the Affordable Care Act, employers with 50 or more full-time employee equivalents are now saddled with the administrative burden of not only tracking which variable hour employees are working more than 30 hours per week, but also filing complex reports to the federal government in early 2016 for the 2015 calendar year. Employers with over 100 employees who do not comply with these requirements are at risk for monetary fines for non-compliance.
With the PlanSource benefits administration and ACA compliance technology available in a single, cloud-based system, employers can automate the complex calculations involved with managing full-time status on an ongoing basis, and provide coverage to employees, as needed. PlanSource offers a powerful and comprehensive ACA solution with critical features, including:
- Scenario Configuration – Multiple configuration categories can be set to ensure that measurement, administrative and stability lengths are compliant with ACA regulations.
- Full-Time Calculation – From new hires to seasonal hires to leave of absence scenarios, PlanSource automates the full-time status determination in accordance with the look-back methodology.
- Payroll Integration – Actual hours that are integral to the full-time calculation are imported from payroll systems on a periodic basis.
- Enrollment Management – Offers of coverage and existing coverage are tracked and monitored as full-time status is either gained or lost.
- IRS Reporting – Mandated IRS Forms 1094-C and 1095-C for both the employee and employer are populated, produced and transmitted.
- Real-Time Communication – As employee benefit qualification changes occur, employees and HR professionals are kept up-to-date.
- Monitoring & Analytics – Reports by division, location or user populations show the varying states of coverage.
“PlanSource helps employers stay compliant and simplifies a relatively complex topic,“ said Jamie Walker, vice president of product and consumer engagement at PlanSource. “With employers in a constant state of measurement, our solution becomes a natural part of an HR manager’s daily workflow and communication processes.”
Employers with variable-hour schedules for some or all employees, and employers with high employee turnover, will find it especially difficult to manage full-time status and benefit eligibility according to the regulations. While full-time employees do not require ongoing and active measurement, employers must still comply with sections 6055 & 6056 reporting regulations for all employees. All employers must provide the 1094 & 1095-C reporting to the IRS, regardless of their workforce configuration.
In summary, healthcare reform is creating an additional administrative burden for private sector employers that will persist in the coming years. PlanSource is solving an urgent and pervasive problem now by offering its ACA feature set to employers who need a technology system in place to properly measure and report to the IRS 2015 employee eligibility and offers of coverage, as required in early 2016.
PlanSource will be offering a free ACA Webinar on Thursday, April 9 at 1:00 PM EDT (10:00 AM PDT) – “Navigating the Maze: How to Stay Compliant with the Affordable Care Act (ACA)”. Learn more and register here.
PlanSource provides the industry’s most flexible and extensible health exchange and benefits engagement platform in the cloud. More than 7,500 employers and 3 million consumers use the PlanSource Platform for benefits shopping, enrollment, billing and ongoing administration. PlanSource partners with leading insurance carriers, brokers and government entities to provide both exchange and non-exchange solutions to companies of all sizes. PlanSource – One Source. Many Benefits.