Here are the 4 steps you need to take to maintain your ACA records using CheckWriters’ ACA Center:
1. Update “Cost and Compliance” records
Once your 2016 medical insurance plan is confirmed, you’ll need to update and add the lowest cost ACA plan information to the “Cost and Compliance” section of your ACA Center.
Remember: if you have multiple ACA Employee Groups with different medical insurance plan offerings, you may need to enter more than one cost and compliance record for the year.
Please note that there have been a few updates to the ACA regulations and compliance for 2016. This includes calculating in your HRA and/or Opt Out funds, if applicable, to your affordability on the lowest cost ACA plan offering. Due to these changes, you will notice a few additional questions on the Cost & Compliance page that will require a response.
Once you’ve set up your Cost and Compliance records, be sure to assign the applicable ACA Employee Group to the record to finalize this step.
2. Add new hires
For ongoing new hires, be sure to assign each new hire to an ACA Employee Group, ACA status, and ACA Participation (if known) when you are entering their new hire demographic information on the initial HRCheck screen.
3. Update ACA status records to reflect any Qualifying Events
You’ll need to add new ACA status records to individual employees who may have had a Qualifying Event during the calendar year (i.e. marriage, divorce, birth of a child, loss of medical coverage) that has affected their ACA Status itself (or perhaps their ACA participation in your company’s medical plan).
4. Run ACA Validation Report
We highly recommend you periodically run the helpful ACA Validation Report. You can find this within the ACA Center under Reporting. The ACA Validation Report will identify any potential errors with your ACA data that may need to be edited in advance of year-end filing and 1095-C distribution.
These 4 steps should help you to keep your ACA data clean and accurate, so that ACA compliance can be a much easier process going forward.