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It is no secret that ACA reporting is never an easy task. However, there are many misconceptions that make it even more difficult to comprehend the nature of the Affordable Care Act (ACA) and what it actually demands! It has been over 10 years that many employers still struggle to understand the clauses of the Act. In this blog, you will get to know about such prominent myths and the significance of hiring experts for to know the ACA filing requirements.
What are the myths regarding ACA filing?
Go through the below passage to know about it in details:
All employers have to provide the health coverage
Well! It’s not entirely true! It depends on the size of the company. Though the small employers often tried to avoid the health insurance policy that is a disaster if they have fewer than 50 full time equivalent employee. In such cases, they don’t require to file the 1094/1095 but they are to report their minimum coverage through filing the 1094-B and 1095-B (Parts I, III and IV) form. They have to mention if the provided policy amount could satisfy the individual need or not.
The employers have to pay a larger share in the employees’ premiums
It is unfortunate to see how people still upholds the backdated information. Gone are the days when the employers were responsible for paying a greater portion of the premiums’ share. Things got changed drastically as it depends on the company size and the number of employees. Therefore, it cannot be said that it is entirely true! There are some ACA filing requirements that a particular company should adhere to and here comes the importance of the professional consultants.
ACA health plans are run by the government
Yes! Every employer must compliance with the ACA as government plays a critical role in regulating the policies. The primary focus in the enactment of ACA was the significant laws like ERISA, COBRA and HIPPA. However, the plans themselves are not under the government scheme. Rather, they get operated privately.
Why must you appoint the experts?
It has been observed that many employers have to pay the penalties each year for not complying with the ACA regulation. But hiring a professional could ease all your headaches with his/her expertise handling of the matter. They are the ones who can help grow your business comfortably.
How do the professionals help in the smooth completion of the ACA reporting?
There are many things that an employer must consider while employing a person. It is a great responsibility of the human resource team to find the most suitable one. However, the credit of the experts is no less who helps in submitting the proper IRS forms including all the employee benefit data. It is crucial to report the correct data to avoid any future complications.
What things should you consider while appointing an expert for your ACA filing?
1. Many companies are there to offer you excellent services with their years of experience. However, choose the one you find understand the ACA filing requirements of your organization.
2. When it comes to the service cost, many companies charge more than it should actually be. Therefore, do some research and select the most convenient one.
3. Checking the testimonials is another great way to know about the service quality of the company.
The Bottom Line
Get peace of mind by hiring an experienced and professional ACA compliance company. Get in touch with one of the leading companies of America, Compliance Solution Services, Inc today to report your file. You won’t get a better ACA filing services elsewhere! So, visit ACA Compliance Solution Services, INC. for more details now!