Tips for Remaining ACA Compliant in 2018
While the presidency might have changed, businesses can still expect to have to take steps to remain compliant with the Affordable Care Act. With 2018 in full swing, Sackett & Associates Insurance Services is here to do what we can to provide you not only with top-notch and affordable employee benefits, but help you make sure you remain ACA compliant. Here’s what you can expect for the new year:
5 ACA Compliance Worries for Small Businesses
The Affordable Care Act is a game changer for both individuals and employers. If you own a small business and worry that you are spending too much time and worry on complying with the act, you are not alone. The administrative duties around these employee benefits are substantial, and the list of restrictions is daunting for many human resource professionals. Here are some of the chief concerns about compliance for businesses with fewer than 50 full time-equilivant (FTE) employees.
Benefits Plan Structure
The plan structure requirements are changing all the time, and every employer who offers benefits must ensure they meet these standards. The hurdles get more daunting when it comes to meeting additional plan structure restrictions that depend on what type of medical benefits are offered. Some group plans, for example, must cover preventive care without a lifetime cap on basic health benefits or cost sharing.
Exchange Notice Wrangling
If a company is covered by the Fair Labor Standards Act, it must notify employees of the opportunities around ACA health insurance marketplaces. The standards for how notifications are handled can be very specific and difficult to navigate.
Minimum Essential Coverage
The Affordable Care Act requires that every company, even those with just a handful of employees, must help workers find qualified health insurance. Even if the employer doesn’t offer this benefit, the company might help workers pay for insurance through an exchange. Every person must have minimum essential coverage, and it must be established in a compliant manner.
Calculating FTE Workers
Because ACA compliance requirements get infinitely more complicated for companies with more than 50 FTE workers, employers are trying to remain below that threshold. That means they are reconfiguring the way they evaluate who is a full-time worker and who is not. Once they have 51 FTE workers, they are subject to the Employer Shared Responsibility provision and must meet health care reporting rules, which means more work time spent on ACA compliance instead of other workplace tasks.
It is up to employers to ensure that ACA eligibility and enrollment requirements are followed. Some of these rules dictate that enrollment cannot take more than 90 days and that workers must be notified throughout the year about health plan changes.
If you are looking for help with Affordable Care Act compliance or simply want someone else to jump the hurdles, we can help. Contact us today for more information about what we can do for your business.
With the introduction of the Affordable Care Act, all U.S. citizens were required to maintain adequate health insurance. While this may be difficult for some to do, the penalty for failing to comply with this law can be more expensive than the monthly premium if you are an individual or the cost of including employee benefits if you own a company. Here are some of the reasons why you should avoid non-compliance with this law.
If You Own a Business
While the ACA requires some business owners to provide coverage for their employees, there are certain professionals that are exempt from this rule. The number of employees as well as the salary you collect will each play a role in determining your eligibility and requirements. The penalties for neglecting this responsibility can be up to several thousand dollars per employee. Luckily, complying with federal mandates can mean hefty tax credits for your company, making it more possible to offer employee benefits that will protect yourself and attract top talent to your company. Talk with an experienced consultant to receive instructions for obtaining this tax credit.
If You Apply as an Individual.
For citizens who receive no coverage through their employer and must pay for their own healthcare expenses, it can be tempting to neglect signing up for any coverage at all. This choice can bring large fines for each uninsured member of your family, and those fines will continue to increase each year that you fail to apply for coverage. The government has worked to provide affordable options for residents of any income, offering plans in a variety of price ranges and coverage types.
Whether you’re a small business owner needing to discuss employee benefits or an individual in need of healthcare coverage, talk with a qualified representative from Sackett Insurance today. Discover your options and ensure that you’re following the law and will avoid all penalties for non-compliance.
If you want to learn more about the ACA compliance and how it affects you and your business, get in contact with us at Sackett & Associates Insurance Services at (707) 823-3689 or follow us on Twitter, Google+ and Facebook!