The Affordable Care Act is also known as ObamaCare. This Act signed by President Obama revolutionized the healthcare system in the USA. Under this Act, pre-existing conditions were excluded so that healthcare facilities are accessible and available to the common man. This Act introduced massive reforms to the nation and is also called PPACA.
ACA reporting solutions – Understanding mandates under the Act
You need to be aware and informed about the Act, or else you will incur huge penalties if you make mistakes. The Act has incorporated both individual and employer mandates that should be correctly abided to. They need to be verified and in compliance with the basic structure of the Act. Two sections were added to The Internal Revenue Codes- Section 6055 and Section 6056. The IRS code lays down that Applicable Large Employers or ALEs should report the medical coverage they provide to their employees. They need to fill in Form 1095-C correctly, and this is where companies providing ACA reporting solutions step in.
ACA forms –submit them on time with experts
There are 5 forms under the ACA, and they have listed below-
- Form 1095-C: The employee medical coverage is reported in this form. It is sent to employees for their records and needs to be filed with the IRS by the employer.
- Form 1094-C: This is a cover letter used by the employer. It needs to be submitted to the IRS together with Form 1095.
- Form 1095-B: Employee medical coverage for self-funded organizations are reported in this form. It is submitted to employees for record keeping. The report is filed with the IRS by the employer.
- Form 1094-B: This form is a cover letter for the employer and submitted with Form 1095-B to the IRS.
- Form 1095-A: This is a form issued by The Health Insurance Marketplace also known as The Health Exchange. It provides an enrolment report on qualified plans. This form is needed by individuals while paying their taxes.
With these forms, you effectively are able to comply with all the provisions of the ACA. However, the form submission process is complex. There is no room for mistakes. This is why you need help when it comes to filling in these forms and submitting them to the IRS.
Select the right ACA reporting company
The right ACA reporting company will have proven track records in the field. Good companies will have positive reviews and testimonials. Esteemed companies will alleviate stress with accurate ACA reporting solutions. They will handle all the paperwork involved and simplify the complicated process involved. With the help of these companies, you can submit all the forms on time and avoid penalties and late fines. If you are doing ACA reporting for the first time, choose a company that has years of experience in the field. Shortlist 3 to 4 companies and compare their rates and services. Request them for quotes and hire the perfect company for taking care of your ACA reporting needs without hassles at all!