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The GOP may be offering up alternatives to the ACA, but for now the universal health plan is here to stay and keeps chugging along. Below is a quick round-up of relevant ACA news that came out this month, and could help keep you on track and in compliance.
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The healthcare industry is a rapidly changing world, with creative entrepreneurs and innovative alternatives gaining ground against the rising costs and lackluster benefits of traditional care.
Tracy Watts writes for Mercer Signal about the top 10 Affordable Care Act compliance issues employers face, and how they can avoid these compliance pitfalls.
Employers have very apparent opinions on what they want to change about the Affordable Care Act.
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When a new hire is made, there is often a litany of paperwork and to-dos that need to be completed, especially around tax and healthcare-related activities. With the ACA, it’s even more imperative to be compliant with documents and timing.
In 2015, ADP conducted a survey of executives from mid-market organizations (50-999 employees) and the challenges they are facing in today’s business climate. Not surprisingly, concerns around the ACA were high on the list, more than likely for those organizations with 50-99 employees that will be required to comply with the ACA’s “pay or play” employee mandate for the first time in 2016.
The New Year brought good news for those employers required to file tax returns reflecting healthcare coverage for the first time. The IRS and the Department of Treasury have extended deadlines for the employer mandate (also known as “pay or play”) for both employee notifications and filing with the IRS.
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The New Year is upon us and although many organizations will remain in a 2015 state-of-mind with regard to tax returns, it is imperative that planning for changes to the ACA in 2016 be happening simultaneously. Below is a brief run-down on what businesses can expect to shift for them in the next 12 months:
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It may seem premature to begin thinking about 2017 tax season when we haven’t even started in on the 2016 one yet, but when it comes to the ACA earlier is always better. Especially if your organization is – or will be - an applicable large employer (ALE) in 2016, and required to offer 95% of employees affordable healthcare. Understanding all of the employer mandates – from dependent care, to cafeteria plans, to the shared responsibility requirement – is absolutely crucial to planning for 2016 and essential to saving potentially multiple thousands of dollars in penalties.
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Perhaps the best-known ACA requirement for organizations is the employer shared responsibility mandate – otherwise known as the “pay or play” mandate. Put simply, under the rules of the ACA, applicable large employers (ALEs; 100+ employees in 2015) must provide affordable minimum essential coverage to at least 70% of their employees (95% in 2016). If this requirement is not met, either because 1) no coverage is offered; or 2) because coverage is determined not to be affordable and/or does not meet minimum value, then organizations will be responsible for hefty penalty fees.
