More than 14 million words long and still being debated by Congress, it’s no wonder that the Affordable Care Act (ACA) is overwhelming, confusing, and even frightening to many of the people responsible for complying with it. And HR isn’t the only business function in that boat. ACA compliance touches nearly every system within a company. Finance, tax, legal, IT, benefit s, and HR all play a role in ACA compliance.
An affordable, SaaS-based solution that can deliver an accurate, strategic, and accessible snapshot of the ACA’s impact on your business is one sure answer to the challenge of a safe and cost-effective path to ACA compliance.
According to a recent survey by the International Foundation of Employee Benefit Plans , employers identified three factors as the greatest drivers of higher costs for ACA compliance:
“Employers need to devote significant time and energy to maintain compliance with the law,” Julie Stich, director of research at the foundation, said in a news release about the report, 2015 Employer-sponsored Health Care: ACA’s Impact . “The extensive amounts of data that employers are required to collect can take hours [of labor] and even require complex IT infrastructures. The process has meant a cost increase for many, especially smaller organizations.”
Here, for example, are the primary tracking and reporting requirements of the ACA:
It’s no wonder that 71 percent of respondents to the International Foundation of Employee Benefit Plans survey thought the costliest years are yet to come. That doesn’t mean they aren’t already feeling a financial impact. Eighty-two percent said the law is increasing their organization’s costs this year, with most respondents projecting a 1 to 6 percent increase in compliance expenses.
Workterra’s Affordable Care Act Dashboard is a fully configurable solution designed from the inside out specifically to minimize the confusion and ease the complexities of ACA administration and compliance. In a nutshell, it provides companies of any size with a full suite of tools for accurate tracking and reporting.
At a glance, it’s easy to see how the features of Workterra’s Affordable Care Act Dashboard address small and large companies’ primary concerns around ACA compliance. It delivers tools to accurately help companies of any size:
The ACA is a big beast and a burden for almost any company with more than 50 employees. Tame it safely and easily with a SaaS-based solution like Workterra’s Affordable Care Act Dashboard that puts all of the necessary tools in your hands.