SyncStream Solutions to Offer Employer Reporting for New Jersey Health Insurance Market Preservation Act

2019 SEP 27 (NewsRx) -- By a News Reporter-Staff News Editor at Health Policy and Law Daily -- SyncStream Solutions, a leader in ACA reporting solutions, has been approved as an e-filer by the state of New Jersey. This designation enables the company to support employers’ state healthcare coverage filing requirements for New Jersey residents as outlined by the New Jersey Health Insurance Market Preservation Act (NJHIMPA).

With this new legislation, New Jersey will, for the first time, require applicable large employers (ALEs) -- companies with 50 or more full-time equivalent employees -- and other providers of minimum essential coverage (MEC) to report and verify healthcare coverage that was offered to New Jersey residents. This requirement applies to both in-state and out-of-state businesses and is in addition to employers’ federal reporting responsibilities established by the Affordable Care Act’s Employer Mandate.

Employers have until March 31, 2020, to comply with the NJHIMPA for Tax Year 2019. Employers can file via the same system they use to file their employees’ W-2s. They’ll need to submit the same 1094 and 1095-B and C-Series used by the IRS to verify employers’ compliance with federal ACA requirements.

“Companies that employ residents from multiple states are feeling the pressure of additional reporting requirements as states like New Jersey begin implementing their own versions of the individual mandate,” says Arthur Tacchino, Chief Innovation Officer for SyncStream. “As the preferred ACA solutions provider and federal e-filer of choice for thousands of organizations across the U.S., SyncStream is well positioned to alleviate this burden and ensure employers remain compliant.” About SyncStream Solutions SyncStream builds intelligent, intuitive solutions that help employers and their trusted advisors comply with the most complex regulations, from the ACA to EEO-1. SyncStream’s compliance solutions marry existing employer payroll and HR data with proprietary analytics to accurately fulfill legislative requirements and provide the assurance of auditability.

A woman-owned business, SyncStream is the result of some 100 combined years of employee benefits, health care, legal, regulatory, education, and technology experience, and has successfully fulfilled over 2.75 million employee forms and served more than 10,000 customers with well over 90 percent accuracy. www.sync-stream.com View source version on businesswire.com: https://www.businesswire.com/news/home/20190918005866/en/

(Our reports deliver fact-based news of research and discoveries from around the world.)