Coverage Adequacy Services - Paychex ESR Video Series
The Paychex "Employer Shared Responsibility" video series continues with our Coverage Adequacy Service. Our data analysis will tell you if your coverage is adequate and affordable. Paychex has helped you determine if ESR provisions apply to your business and how many full-time employees you have in your chosen measurement period.
That should satisfy the ESR requirements, right?
Unfortunately, you're only halfway there.
The next big step in the process is determining if the coverage you offer meets the quality and affordability standards in the law. But don't worry, Paychex is here to help you with that as well. If you offer group coverage to your employees, you may think that satisfies your obligations under the ESR provisions. However, your plans may not meet minimum standards for coverage quality and affordability.
The calculations to determine this are extremely complex and require you to coordinate both employee wage data and benefits information if you have multiple vendors for these services.
Paychex is able to leverage its ESR services across a number of employee administration categories. It gives our clients who have their insurance service through us a big assist in coverage adequacy.
The monthly report that clients on our Paychex Insurance Agency, Paychex PEO, or Benetrac Service Received, is unique to Paychex because only we can coordinate the payroll and benefits systems we manage to track your coverage by employee. Paychex ESR services can evaluate coverage adequacy, value of coverage, and affordability of coverage offered.
Once again, there's no need to feel overwhelmed. Paychex can help you determine if your coverage meets the standards set by the law. You've had to together a lot of information up to this point.
Let's look at the next step in ESR are compliance, reporting that information to the IRS.