Affordable Care Act (ACA)
Every employer with over 50 or more full-time equivalent employees (FTE) is required to furnish Form 1095C to every full-time employee and file with the IRS on an annual basis.
Employers are required to disclose and maintain the following information:
- Number of full time employees for each month during the calendar year.
- Insurance plan details including Minimum Essential Coverage (MEC) & Minimum Essential Value (MEV).
- Information for each Full Time employee, including name, address and taxpayer EIN/SSN.
- Certification by month that Full Time employees were given opportunity to enroll in MEC.
- Monthly information about each employee's plan coverage, including employee's share of the cost.
- Dependent information, if self-insured.
FASTPAY CAN HELP!
Fastpay ACA Tracking and Reporting is your compliance solution!
- Assists employer with calculating status based on custom measurement period.
- Web-based and always accessible.
- Generates the IRS Forms 1094C and 1095C automatically.
- Fully automated with payroll/insurance information.
- Access to multiple webinars if training is desired (as well as access to a resource page).
- Updates to reflect evolving ACA rules and regulations.
- Assigns various administrative rights and access privileges to different users for added security.
- Manages an unlimited number of companies.
- Minimizes compliance risk for ACA and its associated reporting requirements.
Fastpay's ACA system integrates and automates the compliance process by providing a software tool that allows the employer, the health insurance agent and the payroll processor to complete their specific functions.