Product

ACA Management Platform

Understand the impact. Develop and manage a strategy. Ensure compliance.

Product Overview

How Are You Managing the ACA?

The Affordable Care Act brings unprecedented changes to workforce management and compliance. In order to properly manage the entire ACA ecosystem, employers must track, store, and report new data like never before. This requires implementing new processes and systems to avoid fines and risks. And in this ever-changing regulatory environment, your ACA infrastructure must be able to adapt quickly.
 

Equifax Can Help

Equifax draws upon years of experience in providing employers with compliance, tax, and employment-related services such as Work Opportunity Tax Credit (WOTC), W-2 management, income verification, and workforce analytics to offer a solution to help employers manage the ACA in four key areas:
 
  • Data integration and management – The ACA requires employers to ask questions they’ve never asked before, and the answers to these question lie within different systems and departments. In addition, employers are required to collect and report on data that they’ve never tracked such as employee designations and measurement periods. Our ACA Management Platform is able to connect data from any source to provide employers with a tool that tracks hours as outlined by the regulations, calculates eligibility, predicts future eligibility and enrollment volume, and provides notifications of potential penalties and compliance risks..
  • Employee communication – Employees will undoubtedly have questions around their eligibility status and the information that is provided to them on their form 1095-C. With over 10 years of call center support for tax-related questions, we are positioned to answer questions and keep employees well-informed. In addition, our system offers Open Financial Exchange (OFX) connectivity to integrate with tax providers, enabling employees to easily import 1095-C and W-2 data into their tax returns. This integration allows information to be reported correctly to the IRS which can reduce the number of appeals in the future.
  • Exchange management – Equifax proactively works with the Centers for Medicare and Medicaid Services (CMS), the U.S. Department of Health and Human Services (HHS), and state exchanges to streamline subsidy-related verifications, notifications, and appeals. For employers using our service, this means mistakes regarding subsidies granted to your employees should be minimized, because CMS can obtain information up front, hopefully reducing fine disputes down the road. When an employee does receive a subsidy, we will process and store the notification within the Equifax ACA Management Platform using intuitive document upload capabilities. If an employee receives a subsidy that is protestable, reports within the platform will instantly flag the record as a potential appeal. Once authorized to do so, Equifax can complete and distribute an appeal form to the applicable state or federal exchange.
  • IRS reporting and tax forms – 

    While the responsibility of meeting ACA reporting requirements typically falls under the HR or Benefits department, it is ultimately a tax consideration. Just as income tax penalties are assessed based on the information reported on W-2 forms, the ACA penalties that employers (and their employees) may face will be determined by the information submitted to the IRS on forms 1094-C and 1095-C. Our ACA Management Platform collects the eligibility and benefits data needed to populate these forms and ensures timely distribution to employees and the IRS. When paired with our W-2 management solution, Equifax can also distribute the form 1095-C and W-2 together, leading to significant cost savings. The platform also keeps track of possible fines and provides alerts for potential penalties before they are assessed. If an employer is fined, Equifax can manage the fine appeal process with the IRS as well.

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