The ACA requires employers with 50 or more full-time equivalents to provide medical benefits to eligible employees within certain design and pricing parameters.
If your organization employs more than 50 full-time people, serves as a federal contractor or is self-insured, you must submit 1095 and 1094 forms to the IRS.
If you offer health insurance to your ACA full-time employees and the contribution amount doesn't meet certain income thresholds — which change yearly — your organization could be subject to IRS penalties under the healthcare law's employer shared responsibility provisions.
The penalty per employee offered unaffordable coverage tops more than $4,000 annually and rises each year. Companies with variable wages and seasonal employees are particularly vulnerable.
ACA compliance audits and assessments
Gallagher's seasoned consultants help ensure that your organization appropriately administers benefits to employees while meeting ACA compliance standards.
Our team can help you establish an ACA strategy and audit current practices, address gaps and prepare and file Forms 1094/1095 to the IRS.
Our comprehensive ACA audit includes:
- Employer classification and current employee benefit plan review
- Minimum essential coverage (MEC) assessment, including compliance with the affordability requirement
- Calculations to determine which requirements are applicable to your business
- Analysis of compliance levels reached for the current year, including projected penalties and recommended corrective actions
- Coordination with unions
ACA reporting services: IRS Form 1094/1095 preparation and filing
To accurately prepare Forms 1094 and 1095, organizations must complete complex monthly calculations of benefits and employee data. However, small- and mid-size businesses often lack the expertise, tools and time to meet these requirements.
Our team can prepare and file IRS Forms 1094 and 1095 on your behalf. We distribute Form 1095 to all eligible recipients and then submit Forms 1094/1095 to the Internal Revenue Service.
Gallagher ACA reporting services include:
- Data collection kit customized for your organization
- Project plan and timeline to meet IRS deadlines
- Audit of data and verification that coverage met affordability requirements and offered to employees during eligible periods
- Preparation and submission of all required Forms 1094/1095 to the IRS and state agencies as needed
Benefit from customized service and affordable pricing, providing exactly what you need and nothing you don't. Let us navigate the complexities of the ACA so you can focus on your business.