[1945009?]
flash Forward at tax time next year. Your company will be ACA-compliant? Do you have penalties? 2015 is here and the time to make sure your health benefits are ACA bulletproof now. Wondering where to start? Here is a checklist to help.
ACA Checklist compliance
-
We understand the ACA compliance requirements of our business and potential penalties
-
We checked our current health benefits
-
We have a person in charge of the ACA compliance
-
employees we educated on all changes to health benefits
then look at each of these in more detail.
Understanding your business ACA compliance requirements
The Affordable Care Act impacts employers differently. Most of these differences on the number of employees you have, and what kind of health benefits you offer.
For example, if you are a small company with 10 employees that offers individual repayment of health insurance, your needs are different from those of a large company with 1000 employees offers a self-insured group health plan.
The largest new reform impacts employers with 50+ employees FTE is the employer shared responsibility (ESR). This is the mandate of all large employers to either Medicare supply or pay a penalty if / when an employee buys subsidized market coverage.
In addition, there are new requirements for reporting and health plan design requirements.
The key here is to understand what effects the arrangements you, and potential penalties for non-compliance. If you are unsure of the requirements for your business, visit :. The reform of health care requirements by company size
check your current health benefits
now you understand what ACA requirements are applicable to your business, the next step is to check your current health benefits to understand if you are going to pay penalties this year.
If you offer a group health insurance coverage, ask:
-
Does the employer shared responsibility (ESR) apply to our company? (Are we a large employer applicable?)
-
If so, our health plan meet the requirements of the mandate? Is offered coverage now? How are employees paid?
-
Do we expect to pay ESR penalties in 2015? If so, how will they
If you offer individual reimbursement of health insurance, ask :?
-
do our repayment plan to meet the new market reforms
-
If not, what is our plan to move to a consistent arrangement (eg ?: HRP)? And / or what are our penalties for not complying?
-
Is the ESR applies to our business? If so, what are our penalties provided ESR 2015
If you offer anything, ask:
-
Is the ESR applies to our business? If so, what are our penalties for 2015?
-
Do we want to start offering health benefits in 2015?
Tip - No matter how you offer health benefits now, it is important to check the compliance each year. For easy ACA compliance checklist download this free guide.
Assign a team member to lead ACA Compliance
As you understand your compliance and audit of the ACA, assign a team member to lead the effort. This will help your company avoid costly penalties, and ensure that the necessary changes occur in a timely and accurate manner.
need help in this area? A broker or advisor to trusted health insurance can provide assistance to ensure compliance with the ACA.
Educate employees
Employees may feel uncertain and nervous about how the ACA has an impact on their benefits for health. Many fear benefits are cut or reduced -. Or that costs increase
Take time to talk with employees about the changes will help ease concerns and help make your health benefits program a success.
Read more: 5 ways to communicate your health reform strategy to employees
Conclusion
It is important to take steps now to ensure you avoid costly penalties when the next tax year. To do this, understand your ACA compliance requirements, check your current health benefits, a person responsible for compliance, and employee awareness.
What questions do you have about staying consistent with the ACA tax time? Leave a comment and we'll help you answer.
0 Komentar