The Patient Protection and Affordable Care Act (PPACA a.k.a. “Obamacare”) is getting management attention. Organizations must accurately track the data and file new reports. Compliance is a must. Benefits may have to change. Cost impact is a given. Does your HR system support you with features to address these needs? HRSource does. Here’s how:
- Track Health Care Costs
The PPACA requires reporting of health care costs, which is tracked in HRSource. How do you add this information to each employee’s W-2? Import the data from HRSource to your payroll system. With most payroll systems, the information can easily transfer electronically from HRSource.
In general this PPACA rule applies to organizations that issued 250 or more W-2 Forms for the previous calendar year. For more information go to: http://www.irs.gov/uac/Form-W-2-Reporting-of-Employer-Sponsored-Health-Coverage
- Employee Summary for PCORI
In HRSource, use the PPACA report named “Employee Summary for PCORI”. This report tallies the number of individuals covered in employees’ health plans for a given year – to support the “Patient Centered Outcomes” reporting requirement.
- Employee Summary for PPACA
The PPACA requires employers with more than 99 employees beginning in 2015 (and more than 49 employees in 2016) to provide health insurance for their employees. This means you will need to accurately count the number of Full-Time, Full-Time Equivalent (FTE), and Seasonal Employees – based on average hours they work per week.
To help determine if this rule applies to YOUR organization, use the HRSource report called “Employee Summary for PPACA”.
- Forms 1094 and 1095
The IRS published guidelines on 1094/1095 reporting requirements earlier this year. These forms are available in HRSource!