Most employers have taken the necessary steps to ensure they offer minimum essential coverage for their eligible employees in 2015, but the reporting hurdle still looms large. If you haven’t yet determined how you will produce and submit IRS Forms 1094/95-C in 2016 (for the 2015 tax year), you’re not alone. The good news is there’s help.
Here are five ways benefits management technology can shoulder the reporting burden for you:
All the information needed for reporting compliance – including monthly count of full-time employees, Minimum Essential Coverage offer certification, plan availability, and costs etc. – can be captured, organized and accessed (and archived) in one location.
Electronic Delivery to IRS
Forms 1094-C and 1095-C can be automatically populated with the data within the platform and sent electronically (as is required for employers creating 250+ forms) to the IRS.
Electronic Delivery to Employees
Employees can be asked for consent to receive Form 1095-C electronically. Forms are published and made accessible to employees for download and print. Form availability is communicated based on employee preference for email or SMS text. Receipt acknowledgements can be added (which you can track).
Individual and Bulk Access for Administrators
Populated forms can be conveniently accessed on an individual or group level, allowing you to export, print and mail forms in-house or through your existing fulfillment vendor.
The benefits management technology vendor can take care of fulfillment for you, as well as provide both employees and administrators additional support for 1095-C reporting and other related issues.
For more answers to your ACA questions, check out more information about managing ACA compliance and reporting!