OutThink Risk
Because the
ACA is Complex
OutThink Risk
Because the ACA is Complex
ACA compliance requires a holistic solution
In-depth knowledge of ACA regulations, sound internal control procedures, and coordination among the company's finance, tax, human resources, and payroll departments are essential to successfully navigate the complexities of ACA compliance and reporting.
Consider the following to OutThink Risk:
- Select and implement optimal healthcare coverage plans in compliance with the ACA
- Maintain records in conformity with IRC Sections 6055 & 6056
- Reporting requires data acquisition from four sources: Human Resources, Time & Attendance, Payroll, and Benefits
- Data sources should be regularly monitored for clerical and system errors
- Complete documentation must be generated and maintained for all activities related to eligibility determination, offers of coverage, enrollment, declinations, etc.
- Implement a succession plan: turnover of person-in-charge of ACA compliance compels efficient and seamless transition of ACA, internal controls and data sourcer responsibilities
- Ensure prepared and effective representation in the event of an IRS audit