5 Tips For Employers After Proposed Repeal and Replace Bill Is Pulled
ACA is here to stay? As you are aware, the recent attempt to repeal and replace the Affordable Care Act (ACA) with the American Health Care Act (AHCA) failed to pass. Many Americans are relieved that their healthcare will remain in place, however, employers are now left with more uncertainty!
For now the ACA Employer Mandate remains in place—as applicable large employers must still offer healthcare to 95% of their full-time and full-time equivalent employees or face penalties. Many states have indicated they will pursue enforcing a “play or pay” law, which would place more requirements on employers paying for health care costs. The red tape involved would be greater now that the ACA will not be repealed.
The future of ACA is uncertain, as is what the the entire insurance system/marketplace will look like in the future. Employers who assumed there would be no Affordable Care Act by year’s end and started implementing changes, must now readjust their plans. Just like FLSA and other major compliance changes, here are some tips on how to stay in the clear while ACA remains as is.
1. Maintain Compliance:
ACA compliance should still be a priority within your organization. If you already have a strategy in place and it’s been effective, then stick to it. If you haven’t, it’s time to start.
2. Be Organized:
The Affordable Care Act has many mandates, all of which carry different forms. Make sure those forms are all completed, organized efficiently and easily accessed in case the IRS request them.
3. Keep Key Dates In Mind:
While dates for physical and electronic form filings and information reporting see many extensions, it’s important to be abreast of hard deadlines. ACA-related penalties are big and projected to get even bigger.
4. Be Proactive For 2018:
It will be here before you know it, so maintaining a compliance strategy and organizing paperwork now won’t hurt. It can also save you money in the long run.
5. Be Adaptive To Change:
Not everyone is pleased that the AHCA was a failure. But, like it or not, the rules of the ACA will prevail until further notice. However, that doesn’t mean change can’t happen quickly.
OnePoint HCM is a unified HCM technology solution enabling employers to increase productivity and efficiency by automating manual processes (Onboarding, benefit enrollment) and streamlining processes by sharing data real-time across the platform.
Our ACA Manager connects time keeping, benefits and payroll data to monitor benefit eligibility/ineligibility for each employee, plans offered, the employee selections and deductions throughout the year. With a 360 view of the benefits eligibility, offers and coverage, employee forms and federal filings are more easily prepared, audited and submitted to meet filing deadlines.