New Colonial Life program helps employers with ACA reporting
Vendor recommendations and subsidies make required reporting easier, more affordable
COLUMBIA, S.C. (Aug. 17, 2015) — Colonial Life has launched a new program to help employers struggling to comply with upcoming deadlines for health coverage reporting required by the Affordable Care Act.
Employers who have at least 50 full-time equivalent employees must provide information to the IRS and to every employee about the health coverage they offered this year. The forms — 1094-C and 1095-C — are due early next year. Information required includes total employee headcount per month; health coverage for all full-time employees; name, Social Security number, birth date and address for employees and covered dependents; employees’ share of the lowest monthly health insurance premium; and more.
Many employers are struggling to collect this data in a single system that can generate the reports they need. Colonial Life’s new program helps employers get the support they need to meet this reporting requirement — and helps pay for it.
“One outgrowth of the health care reform complexities is the birth of a new industry supporting compliance and reporting,” said Gil Youmans, director, Small Market Solutions for Colonial Life. “We’ve evaluated many vendors providing these services and can recommend the right partner to help meet an employer’s needs, whether it’s compiling data from various systems, generating reports or even indemnifying the company for ACA compliance.”
Costs for reporting support typically include a set-up fee and either an annual fee, a per-employee-per-month charge, or a per-report charge. Colonial Life makes this support more affordable by subsidizing the cost of service for new accounts. The subsidy is $500 for companies with 50-100 employees and $1,000 for more than 100 employees. The company must establish a relationship with the vendor by Oct. 31 to qualify, and must allow Colonial Life benefits counselors to meet with at least 75 percent of the company’s employees during their benefits enrollment. Colonial Life’s benefits communication and enrollment services are offered to employers at no direct cost to the business.
For more information about the ACA reporting support program, contact Colonial Life’s Small Market Solutions area at SmallMarket@coloniallife.com.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, dental, cancer, critical illness and hospital confinement indemnity insurance. The company’s benefit services and education, innovative enrollment technology and personal service support more than 80,000 businesses and organizations, representing more than 3 million of America’s workers and their families. For more information visit www.coloniallife.com or connect with the company at www.facebook.com/coloniallifebenefits, www.twitter.com/coloniallife and www.linkedin.com/company/colonial-life.