Equifax Workforce Solutions, a leader in human resource, analytics and verification services, and a business unit of Equifax Inc. (NYSE: EFX), has achieved a major milestone in Affordable Care Act (ACA) management for employers. The company’s ACA Management Platform, a software application that automates ACA administrative tasks and helps employers reduce their potential for penalties, is now used to manage compliance for over 10 million employees.
The Equifax ACA Management Platform, which has been recognized as a leading technology by Human Resource Executive® Magazine, Ventana Research, and the Brandon Hall Group, has seen the adoption rate for ACA-related services grow exponentially since the final versions of Internal Revenue Service (IRS) reporting forms 1094 and 1095 were released. These forms, which require detailed monthly information regarding the coverage offered and provided to employees and their dependents, will be used by the IRS to assess fines under both the individual and the employer mandate.
In addition to releasing the IRS Reporting module to automate the preparation and fulfillment of forms 1095 and 1094, the company recently released additional features, including the Appeals Management module that streamlines the process of storing and responding to subsidy notifications from the exchanges.
Following the Supreme Court’s ruling on King v. Burwell, in favor of Burwell, the government has taken another step in the longevity of the ACA and its impact on employers. The much anticipated decision upheld the legality of Premium Tax Credits, or subsidies, for health insurance provided under the federal Marketplace. Because subsidies trigger penalties for employers, this decision had the potential to significantly impact the Pay or Play mandate. To help employers understand the impact of the Court’s ruling and the next steps they should take in the ACA compliance journey, Equifax is hosting a webinar on July 7, 2015.
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