Selerix and SyncStream Join Forces
Transforming HR Tech Landscape with End-to-End ACA Capabilities and Unmatched Customer Support
This acquisition creates one of the largest providers of ACA solutions in the market with extensive expertise and a highly tenured, experienced strategic advisory offering that will deliver a more comprehensive set of solutions. By bringing together two trusted partners in a compliance-heavy landscape, Selerix will now be able to offer a full suite of ACA services, including tracking, filing, auditing, and past-year compliance, allowing clients to utilize a single benefits technology provider to streamline operations.
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Employer's Guide to ACA Reporting | 2024 Forms and Instructions
Total ACA Tracking and Reporting
Companies that meet the requirements for the Affordable Care Act must generate an ACA annual report to prove their compliance.
ACA Audit
At SyncStream, we have developed an easy-to-use, cloud-based solution to help companies avoid ACA reporting penalties…
ACA Partnerships
Partnerships have always been an important part of growing our business at SyncStream. Since our first year, we have pushed to create…
WHAT CLIENTS SAY:
"We were looking for a technology solution to be the foundation of our ACA compliance strategy.
We needed a partner to handle the most difficult parts of the process, adapt based on the evolving regulations, and fit the needs of our business. We found that surviving ACA compliance (and avoiding penalties!) is made easier with the help of SyncStream."
Lisa Gibson | Core Benefits Inc.
19.5 Million
Employees Tracked
$650+ Million
Mitigated Penalties
6 Million +
Forms Produced
40,000+
Companies Filed
97% Customer Retention Rate
Mitigating ACA Penalty Fees:
How COSTLY ARE ACA FINES?
Penalty A
Employers must offer at least Minimum Essential Coverage (MEC) to 95% of their full-time equivalents (FTE). Non-compliance will generally result in a penalty of $2,750 annually PER eligible employee.
By providing a Minimum Essential Coverage (MEC) plan, you can steer clear of Penalty A.
2024 A Penalty Amount:
$247.50 per month per full-time employee who is not offered MEC ($2,970 per year)
Penalty A Example
If a business with 150 employees has one full-time employee who buys tax-subsidized health insurance through the marketplace exchange, (minus the first 30 employees):
Penalty Amount is $356,400
Keeping up to date with the changing regulations, paperwork and deadlines, ACA compliance is complex.
Time-strapped HR departments are unable to navigate the complexities of ACA compliance, putting their companies at financial risk for lofty IRS fines.
In order to avoid receiving IRS penalty assessments, employers need a dynamic and advanced compliance process.
Problems with in-house management
of ACA compliance:
- Requires expertise in complex regulatory requirements of Affordable Care Act (ACA) laws and staying on top of any changes in policies.
- Exposure to significant IRS penalties due to errors in calculation or missed data.
- Refuting future penalties may be challenging, particularly if there have been changes in HR personnel and data was lost during transition.
What Sets SyncStream Apart?
Pioneers of Affordable Care Act Reporting Technology
Companies need a trusted compliance expert to streamline their compliance and guide their business towards higher compliance and lower financial risk.
Founded in 2013, SyncStream was the first technology company to help employers tackle the complex landscape of healthcare and employment reporting and compliance and remains the industry-leader in expert customer care.
Based in New Orleans, 95% of SyncStream's tenured staff has been with the company since 2015 and our expert support is the result of years of healthcare, legal, regulatory, education, and technology experience.
SyncStream removes the burden of ACA compliance, offering the tools and expert support to guide your business towards higher compliance, lower financial risk, and streamlined ACA reporting.
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