The Affordable Care Act, signed into law in 2010, substantially changed the world of Employee Benefits and how those benefits were to be offered to employees. This included new reporting requirements for employers determined to be an ALE, (Applicable Large Employer), as well as new rules for how these employers were to offer benefits to employees. In 2015, in line with our commitment to providing expert service in benefits administration, Explain My Benefits extended its portfolio of services to incorporate the newly required Affordable Care Act (ACA) 1094-C and 1095-C report filing. This service is a natural progression to our Enterprise Benefit Enrollment and Administration enabling us to extrapolate the essential elements required in the preparation of ACA employer and employee enrollment data for reporting purposes.
The Explain My Benefits ACA Team is a dedicated group of professionals who are knowledgeable in the nuances of the Affordable Care Act and with extensive experience in data analysis and migration. We are able to assimilate, troubleshoot, recognize, research and address data anomalies on behalf of and, in partnership with our clients.
Our customized ACA processing and reporting application, Monolith, boasts a pleasingly aesthetic and user friendly, web based, client graphical user interface that provides multi-dimensional views of employee data. Monolith is updated on an annual basis to ensure compliance with current IRS requirements. Access to Monolith is restricted to client authorized personnel. Monolith also provides clients with the ability to view all or random employee records and perform updates, where necessary, prior to the fulfillment of the filings.
The scope of our ACA Reporting services include:
- Tracking employee and dependent data
- Reporting qualified coverage option and employee cost
- Creating Employer 1094-C and aggregate reports
- Creating Employee 1095-C reports
- Mailing 1095-C reports to employees (service includes postage and handling)
- Transmission of 1094-C and 1095-C reports to the IRS
- Providing post-filing support and assistance