Affordable Care Act Recordkeeping

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The Affordable Care Act (“ACA”) has placed a large and costly burden on employers. Employers must now provide health plans that meet minimum requirements regarding coverage and affordability or pay the penalty price.

Is your plan affordable to your lowest paid employee?
Is your plan affordable to your lowest paid employee?

Does your plan provide the coverage required by the government?
Does your plan provide the coverage required by the government?

Are you a large employer?
Are you a large employer?

Do you have the ability to track and report coverage and costs information on every employee?
Do you have the ability to track and report coverage and costs information on every employee?

Did you know?

Employers are now tasked with tracking the correct information of their employees (and, possibly dependents if their plan is self-insured) on a monthly basis?

The challenge has been that many items that need to be recorded for ACA come from multiple sources at the employer level. An employer may need to pull data from payroll, HR, time and attendance tracker, and/or their benefit administration systems. LBMC Employment Partners, LLC, can assist you with both data collection and form preparation.

ACA Recordkeeping Services

LBMC Employment Partners’ role is as follows:

  • Determine Applicable Large Employer (“ALE”) status
  • Monthly tracking of full-time and full-time equivalent employees
  • Monthly tracking of ACA indicator codes
  • Track relevant employee data, medical plan coverage status, and spousal/dependent date, if applicable
  • Plan affordability threshold based on client’s safe harbor usage
  • Produce Form 1094-C and 1095-C
  • Penalty support of unmerited employer penalties

Client’s role is as follows:

  • Provide complete and accurate employee census data
  • Provide employee census data in the specific format for onboarding
  • Provide employee new hire, termination, and medical coverage status changes monthly
  • Provide medical plan premium invoice/statements monthly
  • Identify variable hour employees who become full-time after their initial measurement period
  • Confirm with medical carrier and/or broker if medical plans meets minimum essential coverage/minimum value
  • Complete request questionnaires and inquiries in a timely manner
Link to Rebekah Affordable Care Act Recordkeeping

Rebekah Harney

Partner/Business Development Director, LBMC Employment Partners, LLC

phone icon email icon Nashville
phone icon email icon Nashville
Link to Sharon Affordable Care Act Recordkeeping

Sharon Powlus

President/CEO, Employment Partners

phone icon email icon Nashville
phone icon email icon Nashville

All content and services on this page are offered by LBMC Employment Partners, LLC. LBMC Employment Partners, LLC, is part of the LBMC Family of Companies and is an independent entity with services and products being provided exclusively by LBMC Employment Partners, LLC.