Keeping Your Business ACA Compliant, and Why It Matters
The Affordable Care Act (ACA) has been a concern for many employers for years, and recent political developments indicate that the ACA is here to stay. All businesses must meet the ACA’s compliance requirements or risk significant penalties. Human resource professionals have busy schedules with many concerns, and compliance can’t take a backseat if it risks your company’s livelihood or reputation. The right software can make a tremendous difference to any organization.
How Are Companies Missing the Mark?
Most companies leave their CEOs or HR executives in charge of ACA compliance. The ACA requires companies provide coverage and benefits to employees who meet the necessary criteria, specifically in terms of schedule. Unfortunately, many employers are shifting the costs to employees in the form of higher deductibles and co-pays. Companies are also choosing to extend coverage to part-time employees.
Employers who need to meet ACA compliance need an affordable, realistic solution for monitoring employee eligibility and ensuring their benefit plans are affordable. It’s also important to avoid shirking ACA compliance to attract talent. Providing ACA coverage to employees who don’t meet the eligibility requirements or providing unrealistic benefit plans can create many problems.
The right human resources management system (HRMS) can make these issues more digestible so you can manage your concerns while remaining ACA compliant. Consider adopting the Sage HRMS platform or the InfinityHR suite and your human resources department will enjoy faster time-to-hire, more comprehensive benefits administration automation, and a transparent means of ensuring ACA compliance in your organization.
Manage “Play or Pay” Effectively
The ACA’s “play or pay” rule forces employers to extend coverage to full-time employees or pay a tax penalty. While playing by the ACA’s rules may seem straightforward, HR professionals must navigate complicated tax codes, IRS reporting, analyze full-time employees and equivalents, and account for many other details to ensure compliance with the ACA regulations. The InfinityHR enterprise platform provides a seamless, intuitive way of accomplishing this while enhancing control over existing HR, payroll, and benefits administration functions.
The ACA’s reporting requirements are extensive, but the right HRMS platform can make a tremendous difference that benefits your company and keeps it in compliance. Enterprise-level platforms are a requirement, so don’t bother with lackluster services that can’t handle your company’s needs. Sage HRMS and InfinityHR exist to help human resources professionals handle their ACA requirements so they can focus on the core of their business.
If you’re considering the purchase of an HRMS software, but still need a little guidance, check out this comparison guide and learn which option is best for you!