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Aflac's New Business Service to Ease ACA Reporting Issues
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In an effort to make it easy for the business owners and their employees meet the compliance requirements of Affordable Care Act (ACA), Aflac Incorporated (AFL - Free Report) has launched ACA compliance solutions. This service has been introduced in partnership with Accord, NavigateHCR and Worxtime.
This value-added service to be provided by Aflac Business Solutions will provide much-needed support to business owners and their employees in dealing with ACA reporting norms set by the IRS.
The ACA was signed into law by President Barack Obama on Mar 23, 2010. The act represented the most significant regulatory overhaul of the U.S. healthcare system. Among other provisions, the ACA added section 6056 to the Internal Revenue Code, which requires applicable large employers to file information returns with the IRS and provide statements to their full-time employees about the health insurance coverage offered.
The new service would help small business owners by reducing administrative tasks related to employee health care. This would also let business owners and their employees avail the services at the rates set by Aflac. This new set of business solutions would now help employer clients of Aflac to get theirs doubts and queries cleared by providing them access to ACA phones and helpline. They would also be notified on each and every update of ACA through 1095 communication support. In addition, the clients would gain access to Electronic IRS filing services of 1094 and 1095 forms. Aflac would also support its clients with standard and customized reports to enhance their insight, analytics to affirm their understanding and testing to reduce risk of fines and fees. These apart, the employer clients would get the facility to continuously track and monitor employee eligibility and performance along with leaves, absences and seasonality issues.
Aflac has introduced this value-added service considering the fact that most of the significant reporting requirements related to ACA are taking hold this year. Aflac believes that this service will be attractive to employers with 50 or more workers, who have to comply with IRS reporting rules in 2016. Given that nearly half of these employers are ill equipped to abide by these rules, the service should prove to be indispensible for them.
Aflac has always been focused on the customer needs through revolving innovation around its business strategies. This value-added service would not only meet the insurance policy need of the employers, but also help them comply with health care regulation.
Aflac carries a Zacks Rank # 3 (Hold). Some better-ranked stocks from the insurance industry are Amerisafe, Inc. (AMSF - Free Report) , Trupanion, Inc. (TRUP - Free Report) and Assurant, Inc. (AIZ - Free Report) . While Amerisafe sports a Zacks Rank #1 (Strong Buy), Trupanion and Assurant hold a Zacks Rank #2 (Buy).
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Aflac's New Business Service to Ease ACA Reporting Issues
In an effort to make it easy for the business owners and their employees meet the compliance requirements of Affordable Care Act (ACA), Aflac Incorporated (AFL - Free Report) has launched ACA compliance solutions. This service has been introduced in partnership with Accord, NavigateHCR and Worxtime.
This value-added service to be provided by Aflac Business Solutions will provide much-needed support to business owners and their employees in dealing with ACA reporting norms set by the IRS.
The ACA was signed into law by President Barack Obama on Mar 23, 2010. The act represented the most significant regulatory overhaul of the U.S. healthcare system. Among other provisions, the ACA added section 6056 to the Internal Revenue Code, which requires applicable large employers to file information returns with the IRS and provide statements to their full-time employees about the health insurance coverage offered.
The new service would help small business owners by reducing administrative tasks related to employee health care. This would also let business owners and their employees avail the services at the rates set by Aflac.
This new set of business solutions would now help employer clients of Aflac to get theirs doubts and queries cleared by providing them access to ACA phones and helpline. They would also be notified on each and every update of ACA through 1095 communication support. In addition, the clients would gain access to Electronic IRS filing services of 1094 and 1095 forms. Aflac would also support its clients with standard and customized reports to enhance their insight, analytics to affirm their understanding and testing to reduce risk of fines and fees. These apart, the employer clients would get the facility to continuously track and monitor employee eligibility and performance along with leaves, absences and seasonality issues.
Aflac has introduced this value-added service considering the fact that most of the significant reporting requirements related to ACA are taking hold this year. Aflac believes that this service will be attractive to employers with 50 or more workers, who have to comply with IRS reporting rules in 2016. Given that nearly half of these employers are ill equipped to abide by these rules, the service should prove to be indispensible for them.
Aflac has always been focused on the customer needs through revolving innovation around its business strategies. This value-added service would not only meet the insurance policy need of the employers, but also help them comply with health care regulation.
AFLAC INC Price
AFLAC INC Price | AFLAC INC Quote
Zacks Rank and Stocks to Consider
Aflac carries a Zacks Rank # 3 (Hold). Some better-ranked stocks from the insurance industry are Amerisafe, Inc. (AMSF - Free Report) , Trupanion, Inc. (TRUP - Free Report) and Assurant, Inc. (AIZ - Free Report) . While Amerisafe sports a Zacks Rank #1 (Strong Buy), Trupanion and Assurant hold a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>