ACA News Update
Dear Vensure Client:
The Affordable Care Act has added to your company’s to-do list, with tracking and reporting in 2015 necessary to maintain compliancy. Vensure will provide the tools you need to complete these tasks. As many of you know, we have developed a partnership with TRAX, an ACA compliant software company, to aide in this process.
TRAX will provide assistance for tracking and reporting for 2015
- Applicable Large Employer (ALE) – 100 or more Full-Time Equivalents (FTEs)Applicable Large Employer (ALE) – 100 or more Full-Time Equivalents (FTEs).The regulations provide that, as a general method, each ALE may satisfy the requirement to file a section 6056 return by filing a Form 1094-C and, for each FT EE, a Form 1095-C. An ALE that maintains a self-insured plan (Essential StaffCARE) also uses a Form 1095-C to satisfy the reporting requirements under section 6055. The Form 1095-C will have separate sections to allow ALE members that sponsor self-insured group health plans to combine reporting to satisfy both the section 6055 and 6056 reporting requirements, as applicable, on a single return.
- Companies with 50 – 99 (FTEs)
- These ERs are not required to offer coverage(Minimum Essential Coverage or Minimum Value) because they fall under the 100 FTE line, in 2015. However, these ERs are required to complete IRS reporting in January 2016 mentioned above for plan year 2015. Additionally, this group of ERs may be considered an ALE at the end of 2015, when the law changes to add employers with 50+ full-time equivalents to the group of ALEs. This means the group of smaller employers will need to comply with the ALE regulations for the first time on January 1, 2016. It is important for this group of employers to properly prepare for the reporting requirements by tracking employees in 2015.
- TRAX prepopulates your IRS reports for you!
Vensure Clients and TRAX Software
As a Vensure client, TRAX will be monitored, maintained and administered for you. We will communicate with you twice a month as to what actions need to be taken, if any. An action may be an offer of coverage, addressing an absence, recognizing the end of a measurement period, etc.
Vensure will also be instructing you on the appropriate way to report your new hires. Our goal is to give each client the necessary tools for reporting why an EE was hired (full-time, part time, variable, or seasonal) and in what class each new hire belongs (classes were established previously, when you completed the TRAX STORI form(s)).
This will allow seamless communication between Vensure and TRAX Software, keeping your company compliant along the way.
TRAX Process for Current Clients
To get each company’s TRAX dashboard completed and up to date, we will need help completing a spreadsheet, which will be e-mailed to you on Wednesday, February 11, 2015 or Thursday, February 12, 2015. We will be calling you to answer any questions you may have and complete a portion with you. Please review the directions in the e-mail and review the spreadsheet as quickly as possible. We will need the completed spreadsheet back by February 19, 2015. The implementation process for your company will be completed by February 27, 2015.
Not yet a TRAX client?
What is TRAX?
TRAX is the leading provider in the emerging market of ACA compliance. TRAX is an innovative cloudbased business tool and has proven to be crucial for business risk management and IRS reporting requirements.
- TRAX is EASY to use.
- TRAX prepopulates your reports for the IRS.
- TRAX monitors all possible conditions through a convenient and SIMPLE to use Dashboard.
TRAX will expose hidden risks and alert you to potential adverse conditions, allowing you to correct the issue before information is reported and a penalty is assessed. TRAX will also advise you on the best next steps. Properly implemented, TRAX can virtually eliminate your potential liability.
TRAX is offered at a rate of $2.00 per active employee per month through Vensure.
If you are considering the use of TRAX, or would like more information, please contact us to schedule a demo. You can also visit the website at https://traxaca.com/.
- How PCORI/TRF fees are billed.
- Ryan Scott – firstname.lastname@example.org
- Anna Hoebing – email@example.com
We know that ACA is not the most interesting of subjects. So, with that being said, we thought we would end with a few facts that we DO find interesting!
- You are about 1 centimeter taller in the morning than in the evening.
- During your lifetime, you’ll eat about 60,000 pounds of food – that’s the weight of about 6 elephants.