Complying with ACA regulations is critical for employers. When your company uses a Liazon Private Exchange for employee benefits, you are supported in your compliance efforts.
The Patient Protection and Affordable Care Act (ACA) has introduced myriad requirements that can seem quite vexing for many employers who are otherwise focused on the daily operations of their businesses. Liazon and the Exchange help employers to navigate these rules.
The Exchange provides a standard report containing the annual cost of each employee’s health coverage to support the calculation employers must report on Form W-2s.
The Exchange enables electronic posting of Summary of Benefits and Coverage (SBC) documents.
The Exchange can integrate with third-party wellness programs to facilitate the delivery of associated wellness rewards to employees.
The Exchange allows enrollment in coverage for dependents up to age 26 and provides advanced notification of termination thereafter.
The Exchange’s ad hoc enrollment reports help employers calculate required fees.
The Exchange has built-in guardrails to ensure that Health Flexible Spending Account contributions do not exceed the prescribed limit.
Liazon works with carriers to provide “Complete Store” offerings. In these offerings, the carriers certify that the plan designs contained within them (1) provide Minimum Essential Coverage (MEC) as defined by the ACA, and (2) satisfy the Minimum Value standards as set forth under the ACA (save for designated MEC plans).
The Exchange enables the posting of company-specific documents, such as a notification of the existence of the public exchange, in the Company Corner section.
The Exchange provides reports to assist employers in completing IRS Forms 1094-C and 1095-C. The data provided in these reports help employers comply with the ACA reporting requirements under IRC Sections 6055 & 6056 by providing information on offer of medical coverage, whether the employee was enrolled in medical coverage, and the amount an employee contributes toward the lowest-cost self-only plan for the year.
ACA compliance is ultimately the responsibility of the employer. Check with your broker or consultant to see if they provide ACA compliance guidance as part of their service offerings.
Note: Employers should use their HRIS or Time & Attendance system to track employee hours to establish full-time status. Liazon has partnered with three vendors, described later in this brochure, who can support employers with time and attendance tracking if desired.