ST. LOUIS, Sept. 29, 2016 /PRNewswire/ -- Equifax Workforce Solutions, a leader in human resource, analytics and verification services, and a business unit of Equifax Inc. (NYSE: EFX), recently introduced its Affordable Care Act (ACA) Subsidy Management Service. This new solution helps employers manage the complexities of receiving, processing and appealing subsidy notifications for employees who receive a premium tax credit, or subsidy, for healthcare coverage through Federal and State Exchanges.
"Now that employers have met the ACA's reporting deadline, they are becoming increasingly concerned about how to manage the growing number of subsidy notifications hitting their mailboxes," said Kristin Lewis, senior director of Product Management for Equifax Workforce Solutions. "Our service is intended to help relieve the stress associated with these notices and the appeals process by delivering a streamlined solution that expedites the operational responsibilities and provides maximum transparency to both the company and the employee."
Full-time employees who do not receive an offer of healthcare coverage from their employers can receive subsidized coverage from the Federal or State Healthcare Exchanges. However, the receipt of a subsidy may trigger potential penalties for failure to comply with the ACA employer mandate, which requires employers to provide full-time employees with affordable coverage. To ensure all employee subsidy requests are valid, it is critical for companies to be prepared for inbound subsidy notifications and the 90-day appeal window in which they will have to respond.
With the launch of its ACA Subsidy Management Service, Equifax Workforce Solutions helps companies process subsidy notifications and appeals efficiently to manage compliance and help minimize the risk of fines. The service includes preliminary case analysis, consultation, end-to-end case management and outcome-based reporting, delivered by expert resources working with the organization to determine the best course of action for each case.
"Equifax Workforce Solutions is committed to developing the most comprehensive services and solutions to help employers maintain compliance in an increasingly shifting regulatory landscape," said Erik Trusler, senior vice president of Marketing for Equifax Workforce Solutions. "We are very pleased to introduce our ACA Subsidy Management Service, which helps simplify the often complex process of subsidy appeals. As a result, our clients can be confident that we will assist them throughout the process, helping them to determine employee eligibility, reduce risk and build a culture of compliance around the ACA. This new service is the result of our ongoing efforts to streamline how companies manage new responsibilities introduced by the ACA and help them put more focus on their people, not process."
Additional information about the ACA Subsidy Management Service can be accessed at: http://www.equifax.com/assets/WFS/aca_subsidy_appeals_service.pdf.
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 800 million consumers and more than 88 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers. Equifax Workforce Solutions, an Equifax business unit, is a leading provider of human resource compliance, analytics and verification technology and services.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia-Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,200 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015). For more information, visit www.equifax.com/business or www.equifax.com.
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SOURCE Equifax Inc.