April 4, 2023

ACA State Filing - A Brief Overview

The Affordable Care Act (ACA) requires individuals to have health insurance coverage, and for employers to offer affordable health insurance coverage to their employees. As a result, employers and insurers must report to the IRS and state agencies on the health insurance coverage they provide.

State filing for the ACA can be challenging because each state has its own set of rules and requirements for reporting health insurance coverage. In addition, the ACA reporting requirements are complex and can be difficult to understand and implement, particularly for smaller businesses or those without dedicated HR or accounting teams.

The state filing process also involves gathering and tracking large amounts of data, such as employee and dependents' personal information, coverage details, and premium payments. Any errors or omissions in this data can result in penalties or delays in processing.

Overall, ACA state filing can be time-consuming and requires a significant amount of attention to detail. It is important to seek out resources and assistance, such as consulting with a tax professional or utilizing software specifically designed for ACA reporting, to ensure compliance with all state and federal regulations.

 Five reasons to outsource your ACA State Filing: 

  1. Expertise: Outsourcing ACA state filing to a professional service provider ensures that you have access to experts who are knowledgeable about the latest regulations and compliance requirements. They have experience in handling complex state filing processes, ensuring that your business remains compliant with the ACA regulations.
  2. Time-Saving: Outsourcing ACA state filing can save you time and resources. Handling ACA state filing requires significant resources, including time, manpower, and expertise. By outsourcing, you can free up your team's time to focus on other important tasks within your business.
  3. Reduced Costs: Outsourcing ACA state filing can help reduce your overall costs. By hiring a professional service provider, you can avoid investing in expensive software and hiring additional staff to manage the ACA filing process. This can help save you money in the long run.
  4. Accuracy: Professional service providers have the expertise and resources to ensure the accuracy of your ACA state filing. This is important because even minor errors can result in penalties and other legal consequences.
  5. Peace of Mind: Outsourcing ACA state filing can give you peace of mind. By entrusting the process to professionals, you can rest assured that your business is remaining compliant with all state and federal regulations. This can help minimize your risk and potential legal exposure.

About OneSource Virtual

OneSource Virtual (OSV) is the Workday partner that has helped more than 1,300 companies with everything from deployment to maintenance to payroll and more—all to make the day more doable. Founded in 2008, OSV pioneered Business Process as a Service (BPaaS) and has become the leading provider of automated solutions for organizations of all sizes using Workday, delivering services with unparalleled choices, unwavering commitment, and uncompromising care. OneSource Virtual’s global headquarters is located in Dallas, Texas, with additional locations across North America and Europe. OneSource Virtual: let’s make the day more doable. Find your company’s solution at www.onesourcevirtual.com.

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