The Patient Protection and Affordable Care Act, commonly referred to as the Affordable Care Act or Obamacare, was enacted in 2010 to drive better health outcomes, lower costs of healthcare coverage, and improve hospitals' and physicians' methods of distribution and accessibility.
The ACA was written with the intent to increase health insurance quality and affordability and lower the uninsured rate in the United States by expanding insurance coverage and reducing the costs of healthcare.
In an effort to insure more taxpayers, the ACA also included mandates requiring Applicable Large Employers (ALEs) to offer health insurance that meets minimum essential coverage and value to their full-time employees. ALEs are employers with 50 or more full-time employees. They're responsible for providing coverage to these full-time employees and reporting it to the IRS, otherwise they could incur an Employer Shared Responsibility Penalty from the IRS.
There are many difficulties employers face attempting to remain compliant with the ACA. Not only are they required to take on potentially new expenses to provide insurance, they must ensure it's affordable and offered to each full-time employee, including variable hour employees. Additionally, they need to report the coverage offered for each employee each year to the IRS, similar to how they report employees' salaries on W-2 Forms.
ACAwise is one of the first full-service ACA compliance and reporting programs. A completely cloud-based software, ACAwise allows users to track and maintain employee hours, salaries, and benefits throughout the year before automatically generating the ACA Forms necessary for year-end filing. With our simplified work flow process and real-time dashboards, ACA compliance couldn't be easier than with ACAwise.
Flexible data capture features allow you to easily input unlimited employer and employee benefits data.
Built-in analysis and reporting help ensure your ACA data is compliant all throughout the year.
Real-time alerts and error-checks help inform you when you're at risk for incurring an ACA penalty.
Year-end automatic code generation allows ACAwise to create your ACA Forms for fast, simple, and accurate, ACA e-filing.