Healthcare Reform Compliance
The Affordable Care Act made a number of changes to the insurance industry for individuals and businesses alike. As an employer, you may be subject to certain mandates under this law that require you to make changes to your healthcare plan. Some of the most important provisions include:
- Employer Shared Responsibility Payments. Employers with at least 50 full-time employees must provide adequate health insurance for their employees in order to avoid paying an ESRP. This mandate may affect your business in 2015 or later, depending on the number of people you employ.
- 90-day eligibility mandate. If your company offers a group health insurance policy, you are required to offer eligible employees coverage with an effective date no later than their 90th day.
- Reporting requirements. Employers providing insurance benefits to employees must complete information reports and submit them to the IRS annually. Copies of these statements must also be issued to covered parties.
- Marketplace notifications. Employers who are covered by the Fair Labor Standards Act are required to inform employees of their ability to shop for insurance on the Health Insurance Marketplace. Employers must also inform employees that purchasing a plan through the marketplace may cause them to lose their employer contribution to any benefits offered by the employer.
- Requirements for self-funded insurers. Employers who offer self-funded insurance plans must meet certain requirements regarding the premiums they charge and the minimum value of the plans they offer.
The provisions of the Affordable Care Act vary based on a variety of factors, including the number of people you employ and how many hours they work. Understanding how all of these laws affect your company can be difficult. To learn more about the ACA and make sure that your company is complying with all applicable provisions, contact the Warren G. Bender Co. We are experts on the ACA, and will be happy to review your current situation and offer guidance.