Microsoft Dynamics 365 Business Central
The Employer Mandate – How Are You Handling Your 2020 ACA Information?
It’s that time of year – when reports, filings, and budgeting requirements loom over the course of weeks and months as we close out one year and head into a new one. Arguably one of the most arduous reporting processes for businesses relates to the Affordable Care Act (ACA) requirements.
At the end of each year, the ACA requires employers to prove they have offered health insurance that is affordable and provides minimum value to 95% of their full-time employees and their children up to the end of the month in which they turn age 26. If this proof is not provided, employers are subject to penalties; this is known as the Employer Mandate. To meet these obligations requires accurate management, tracking, and reporting of relevant information.
ACA Reporting is Not Going Away
These ACA requirements are here to stay, which means it’s crucial businesses implement an efficient and accurate process for tracking, managing, and reporting this data.
Fortunately, Microsoft Dynamics provides the functionality needed to assist employers in tracking the information reported on forms 1095-B and 1095-C in support of the Employer Mandate portion of the Affordable Care Act. In addition to tracking what, if any, health insurance coverage was offered to a full-time employee, employers who offer employer-sponsored, self-insured health coverage for which the employee is enrolled (regardless of whether their employment status is full-time or part-time), additional information needs to be reported on the 1095-C. Each employee (including dependents) covered by the employer-sponsored benefit plans needs to be included on the report for the months they were covered. Your Dynamics solution can help you effectively manage the information needed to fulfill these ACA requirements.
Even with the functionality available to Dynamics customers, we see too many customers trying to manage this critical information manually in spreadsheets, increasing the potential for error and misinformation. Together with KeelCo, we can ensure you accomplish three important objectives as it relates to efficiently and accurately handling your ACA reporting requirements:
- Input the right information into your existing robust system
- View information in a clear and functional way
- Retrieve the right data for accurate reports
There’s still time to prepare your ACA information to provide accurate reporting. Contact me today at email@example.com and we can determine the best way to help you make the most of your Dynamics ACA management and reporting capabilities.