It seems each week there are pages upon pages of final regulations coming out from the agencies on PPACA. It has employers struggling to keep up with the changes that need to be implemented and communicated to employees. That’s why audits are so important, to identify areas where the business may be exposed to significant financial penalties for non-compliance.
Evolution Benefits Consulting has developed a unique PPACA audit to assist with the following:
Review of plan/coverage options
Assess the affordability of the health coverage under one of the IRS’ affordability safe harbors
Determine whether the plan(s) provides minimum value
Confirm plan(s) satisfy minimum essential coverage rules
Identify areas of potential penalties
Cadillac tax projection
Information Systems / Process and Procedures
Will you use a monthly measurement or lookback and stability period process and will your current systems support those decisions?
Review test cases to ensure that data reporting of hours is accurate
Confirm that the TIN collection / 2nd request process meets require “good faith effort”
Will internal or external reporting be used for the 6055/6056 reporting
Verify plan documents are amended to comply with eligibility for new hires and rehires?
Review collective bargaining agreements for compliance
In addition, we provide on-going updates on evolving regulation and new compliance strategies in a concise format.