Who Form 1094 B Tracker 2023-2024

Hello and welcome to Prime Phase AC, a compliance navigator. Today, we will focus on the 1094 and 1095 reporting tool for the Affordable Care Act. Reporting obligations under the Affordable Care Act are now required for all applicable large employers, generally with 50 or more full-time employees or equivalents. This includes small employers that offer self-funded medical coverage. These reporting obligations are satisfied by eligible employers completing forms 1094 and 1095. Do you know where to start? Are you aware of the required data needed for each form and where to find it? It might reside with you, but your benefits broker and insurance carrier can assist you with much of this information. Introducing the ACA Compliance Navigator, a comprehensive, flexible, and compliant reporting tool that will prepare, furnish, and file the required 1094 and 1095 forms on behalf of our clients. Data entered by you or in conjunction with Prime Pay's payroll integration will automatically populate forms 1094 and 1095 for you. But let's take a moment to view what information is needed to create these forms. If you are an eligible employer that offers fully insured medical coverage, self-funded medical coverage, or no medical coverage at all (in the case of an applicable large employer), once the required data is entered into the Navigator, it will create each 1095-C or 1095-B statement for each of your eligible employees, including retirees or COBRA beneficiaries. At the end of the calendar year, you will verify and confirm that the data inputted into the Navigator is accurate. Once confirmed, Prime Pay will prepare the 1095 forms on your behalf. Let's look at an example of a 1095-C. As you can see, the general information for "Basal Shirley" in Part 1 has been entered, along with the applicable large employer information. Part 2, within the data...