BUFFALO, NY--(Marketwired - Sep 7, 2016) - Liazon, operator of the industry-leading private benefits exchange Bright Choices®, is making it easier for businesses to comply with Affordable Care Act (ACA) regulations, including satisfying the requirements around IRS Forms 1094-C and 1095-C. Thanks to partnerships with ACA compliance innovators Accord Systems, Equifax, and Health e(fx), employers on Liazon private exchanges can now utilize a streamlined solution for all of their ACA compliance needs.
Under the ACA, businesses with 50 or more "full time equivalent employees" (FTEs) are required to provide their "full-time" employees and the IRS with information about the type of health coverage they offer and the time period over which such coverage is offered. Employers are also required to submit employee demographic information-such as how many full-time vs. part-time employees they have-to the IRS and verify whether they are offering an "affordable/minimum value" plan, among other requirements.
Liazon provides broad ACA support throughout the year including integrated wellness programs and rewards, electronic distribution of Summaries of Benefits and Coverage, data for W-2 reporting, dependent coverage to age 26 and age-off administration, and adherence to prescribed Medical Flexible Spending Account limits, among others. When it comes to the IRS Forms 1094-C and 1095-C, Liazon provides employers with self-service or outsourced solutions, enabling clients to fulfill end-of-year reporting requirements whether they choose to work with one of Liazon's preferred ACA vendors or complete the forms on their own.
"Compliance with the ACA's new reporting requirements can be a daunting and arduous task for businesses given the amount of data and information they are asked to submit and the complexity of the IRS Forms they need to complete," says Liazon's Director of Partnerships Dan Lathrop. "Through Liazon's standard reports and Liazon's preferred ACA vendor partnerships, we are streamlining a complex process, while providing employers with options to ensure they meet their company's compliance needs."
In addition to completing the IRS forms, the preferred vendor partners can also provide services to help with computing whether an employee should be considered "full-time," counting hours worked over a specified "measurement" period, and compiling data from multiple sources and/or systems.
After a thorough due diligence process, Liazon chose to partner with Accord Systems, Equifax, and Health e(fx) based off of their past track record, customer reviews, ability to service a large number of clients, and preferred pricing arrangements for Liazon clients. Liazon has set up streamlined processes to provide preferred vendor partners with any necessary information via reports or file feeds, reducing the burden on the employer.
Additional information can be found here.
About Accord Systems
Accord Systems is a full service Affordable Care Act (ACA) reporting company. Accord Systems provides two service offerings to meet the needs of the marketplace. These offerings are 1) Full Service Tracking and IRS Reporting and 2) IRS Forms Generation. In 2015 Accord Systems introduced a market leading proprietary audit validation toolset (Form Patrol) that verifies 1095-C Part II information prior to submission to the IRS. Based in Alpharetta, Georgia, Accord Systems brings over 50 years of leadership experience in the benefits marketplace and related data integration services.
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers. For more information, visit www.equifax.com
About Health E(fx) Solutions
Health E(fx) is a recognized leader of ACA compliance and management solutions for employers, third-party administrators, and HR solution outsourcing. Health E(fx) manages ACA compliance and reporting for more than 4 million employees across a variety of industries, including retail, hospitality, education, staffing and temporary services, manufacturing, transportation, health services, grocery, and large food services companies. Named Top HR Product of 2014 by HR Magazine, Health E(fx)'s solutions manage all eligibility determination and tracking, safe harbors, regulatory compliance reports, and other employer-mandated responsibilities under health reform. Each solution is system agnostic and delivers data modeling and analytics to help optimize and manage benefits, workforce strategy, and more. The comprehensive programs exceed all of the ACA's data validity and audit requirements, making it a preferred solution for HR managers. For more information, please visit: www.healthefx.us.
Liazon operates the industry-leading private benefits exchanges for businesses across the U.S. Liazon's exchange, distributed under the brand name Bright Choices® and as a private label, is an online benefits store that allows employees to personalize their benefits package with a selection of health, dental, vision, life, disability, and a host of other benefits from top national and regional providers. Bright Choices enables companies to achieve a benefits strategy that maximizes value for their benefits dollars and helps attract and retain talent through high employee satisfaction and empowerment. Liazon was acquired by Towers Watson, now Willis Towers Watson, in 2013. To learn more about Liazon and the Bright Choices Exchange, go to www.liazon.com.