Small employers may have a pass many large Affordable Care Act ( "Obamacare") provisions - such as employers share the cost of liability -. however, they are not immune to the ever growing compliance and administrative requirements
according to a 2014 survey by the National Small Business Association, small employers spend on average 13 hours or $ 1,274 per month just to keep up with compliance with the Act on the affordable care.
As small employers navigate the new health reform, they turn to their advisors in health benefits and the ACA software platforms for compliance using.
What are the main concerns of the compliance of the health of small employers? Let's take a look.
Concerns Top 5 Healthcare compliance for small employers
Small employers do not have to deal with the employer shared responsibility and scope of health care reports that large employers do, however there are some compliance for employers of all sizes should not ignore
for small employers, defined as less than 50 FTE employees, key compliance concerns are :.
1. Exchange Management Advice
All employers covered by FLSA are required to provide employees with a notice about the availability of health insurance exchanges in the Affordable Care Act ( marketplaces). There are reviews available models and employers must ensure they comply with the Stock Exchange ( "Market") notice requirements, and other requirements of the notice of health.
2. Benefits Plan Structure
All employers offering health benefits must ensure that the health plan meets the new standards for the structure of the plan. For example, the new "market reforms" require all group health plans to cover preventive care without cost sharing and not impose an annual limit or lifetime on essential health benefits.
And, according to the type of services offered (eg health insurance policy group or a repayment plan self-insured medical costs)., There are requirements of the plan structure additional to respect (see this list)
3. Eligibility and registration required
All employers offering health benefits must also ensure that new eligibility requirements and registration are followed. For example, the ACA requires maximum waiting day and 0-day notices of new health plans are required for registration, and throughout the year.
4. Minimum Essential Coverage
In addition to the mind for many small business owners - particularly the self-employed and micro business owners is the requirement for all individuals to have a minimum essential coverage. In other words, they must have insurance coverage qualified health no matter if it is available through work. This means that small business owners (and employees) seeking ways consistent with having employees with the company with the cost of individual health insurance.
5. Calculation of full-time equivalent
The last summit ACA compliance issue for small business growth is not to become a applicable large employer (FTA), where the provision of the shared responsibility of the employer come into play.
employers about 50 FTE employees seek to understand the definition of the ACA of a full-time employee and evaluate hiring and staffing decisions with this in mind
Related .: ACA compliance - Will you be penalized at Tax Time
Conclusion
the five main ACA compliance issues have a lot of small business owners who looking for ways to better understand and manage compliance ?. As such, employers are looking to their counselor health insurance or health benefits company for advice, while others use the new ACA compliance technologies to understand and implement compliance, while reducing administration time.
If you own a small business or a professional health insurance, regarding compliance would you add to the list? What is a priority for you? Leave a comment and join the conversation.
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