Latest ACA Compliance
The Affordable Care Act, while still argued in the political realm, is now a fixture on the health care landscape. The ACA is the law and employers have to deal with its many complexities from a regulatory standpoint, or face penalties and tax implications.
The overriding concern for employers now is from a Human Resource standpoint: are the eligibility rules being followed, hours being tracked and reporting done accurately and completely. Employers and insurance carriers, for the most part, have addressed benefit plan design modifications, Grandfathered status, auto-enrollment, changes to eligibility waiting periods, etc..
Here are a few key concerns that need to be on the front burner going into 2016:
- If over 50 employees are you ready for the 1094-C and 1095-C reporting requirements?
- Have you been tracking your measurement periods?
- Have you addressed “affordability” as defined by the ACA?
- Have you begun to consider the impact of the Cadillac Tax in 2018?
- If fewer than 50 employees have you addressed the Pediatric Dental mandate?
Many employers have qualified Human Resource Managers who have addressed the issues above. However, there are many private and public employers who need to follow these rules, too, and don’t have the experienced staff necessary to address these issues.
All of the changes have been dramatic to this point, fought politically and in the press, but the ongoing compliance now falls directly into the employer’s lap. As always, KBM is here to help with any questions relating to areas of concern.