ACA Pay or Play Solution launched for employers as a standalone or integrated health and welfare administration solution.
Empyrean Benefit Solutions (Empyrean) announces the release of their “Pay or Play” Technology and Administration Solution for the Affordable Care Act requirements for employers.
The new “Pay or Play” rules for ACA require sophisticated technology for recordkeeping and reporting of employee eligibility. Specifically, the Pay or Play provision of the Affordable Care Act requires employers with 50 or more full-time equivalent employees to offer enrollment for qualified medical benefit plans to employees who work an average of 30 hours per week for a defined Measurement Period. Employers that cannot substantiate their compliance may be liable for substantial penalties. “Empyrean’s solution allows for employer-defined measurement and stability periods, simultaneously tracks new hire and ongoing qualification status, includes tools to help manage a client’s workforce, and ensures reports are timely and accurate; regardless of a client’s complexity”, according to Karen Bailey, Compliance Officer for Empyrean.
“The solution we offer can be used by our existing health and welfare benefits administration clients and can be used on a stand-alone basis for organizations that use other providers or manage benefits administration internally”, said Colleen Waymel, COO. “We believe this is the first solution in the market that is made available to both outsourced benefits administration clients and internally administered employers from a single benefits administration platform/provider.”
“Employers and brokers need a solution that is compliant and flexible. They are actively seeking an organization like Empyrean to provide technology and services that are tailored to their environment and needs.” stated John Hettinger, Director of Product Strategy and Development. This product is currently being implemented for existing and new clients of Empyrean, as well as broker partners. A briefing on the solution can be found on our website.
Founded in 2007, Empyrean Benefit Solutions is a leading provider of technology and services for managing large and middle-market employers’ health and benefits programs. Empyrean provides enrollment, eligibility management, and a range of other plan administration services to three distinct markets: employers, insurance brokers, and healthcare exchanges. The company’s open systems approach brings together the industry’s most advanced benefits technology platform with the market’s leading domain experts. This agile business solution drives greater value to employers and employees during increasing market uncertainty by giving them an unprecedented level of flexibility, through best-of-breed integration of other software and service providers. Empyrean’s founders are former principals with some of the country’s largest benefits administration service providers.