Josh Rynne – Ultimate Software's Blog http://blog.ultimatesoftware.com Thoughts on Putting People First in the Workplace Tue, 23 May 2017 19:20:02 +0000 en-US hourly 1 https://wordpress.org/?v=4.7.5 Navigating the Patient Protection and Affordable Care Act http://blog.ultimatesoftware.com/ultimate-affordable-care-act/ http://blog.ultimatesoftware.com/ultimate-affordable-care-act/#respond Tue, 02 Jun 2015 14:50:04 +0000 http://blog.ultimatesoftware.com/?p=278 Healthcare reform is here, and more is coming soon. With the Patient Protection and Affordable Care Act kicking into full swing, now is the time to ensure that your organization is 100% compliant and ready. At Ultimate, we’re harnessing our expertise and adaptability to provide businesses with the tools they need to face any challenges […]

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Healthcare reform is here, and more is coming soon. With the Patient Protection and Affordable Care Act kicking into full swing, now is the time to ensure that your organization is 100% compliant and ready. At Ultimate, we’re harnessing our expertise and adaptability to provide businesses with the tools they need to face any challenges that pop up along the way.

These changes to the landscape are complex, and will involve many different areas of your organization. Many of the important provisions of the ACA, such as the “pay or play” requirement for employers and the individual insurance mandate, are already in effect right now. Employers that are not providing adequate essential coverage to all full-time employees can already be penalized if the coverage isn’t offered to all qualifying employees or the coverage does not meet affordability and value requirements.

Starting in 2016, applicable large employers (or ALEs—those with 50 or more full-time employees) are also required to report compliance information to the IRS each year. Companies that exhibit a good faith effort in 2015 to meet these reporting requirements will not be penalized. However, any organization that does not report on 2015 employee coverage information can face a penalty of $250 per each complete return they fail to file (capped at $3 million). Moreover, there will be a $250 penalty for each missing payee statement (capped at $3 million). IRS Form 1095-C and transmittal page Form 1094-C are used for this reporting and must be filed by February 29, 2016 (or March 31, 2016, if filed electronically).

UltiPro makes it easier for businesses to be ready for the Afforadable Care Act and Patient Protection

We recognize the challenges businesses may face in adapting to these new requirements. That’s why we’re working tirelessly to help. With each new release of UltiPro, we’re targeting the most pressing issues for HR professionals and business owners with ease-of-access and streamlined reporting at every step. Right now, UltiPro can automatically analyze employee hours of service to rapidly determine full-time status, track hours over a variety of time periods for your entire workforce, and present the relevant data for all of your impacted full-time employees in one Healthcare Eligibility Dashboard. Specially-crafted reports can show you at a glance which employees are eligible and ineligible for coverage, as well as whether or not it is currently being offered to them. Beginning with our spring 2015 release, UltiPro will feature new tools that make it even easier to collect, review, and correct this eligibility and coverage data for ALEs before reporting it to the IRS. Critical information for Form 1095-C will be able to be stored directly in UltiPro’s records or easily imported from Excel. In UltiPro’s summer 2015 update, we’re adding the functionality to collect employees’ consent to receive their Form 1095-C electronically, along with a new template for capturing monthly information. Finally, our fall 2015 release will enable the import of previously collected data for Form 1095-C, the ability to generate and print Forms 1095-C and 1094-C, and new business intelligence reports to make completing these forms accurately even simpler.

When it comes to navigating healthcare reform, Ultimate’s work doesn’t end there. In 2016 and beyond, we’ll continue to simplify compliance, data collection, and reporting for employees and employers throughout the United States. For more information on healthcare reform and what UltiPro can do to help your organization, check out our Healthcare Reform Law Resources page.

 

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