Keeping Compliant With Affordable Care Act
2015 Affordable Care Act: Key Changes You Need To Know To Remain Compliant
At The Payroll Company, we understand that the conclusion of 2014 and the onset of 2015 will mean many things to our large business owners. A major concern to many of our large business partners as they start to look ahead towards the 2015 horizon? The changes and modifications to the PPACA employee mandate that will go into effect as of January 1st.
Obamacare: Some Important Factors To Help Your Large Business Remain Compliant
If your organization employs more than 50 full-time employees, your business may have to adhere to the Affordable Care Act rules and regulations for large companies, which will go into effect as of January 1, 2015. Recently, the government has released various provisions to help entrepreneurs get and remain compliant with the health care reform employer mandates in 2015. Some key features of these provisions include:
Coverage Requirements: If your business has been deemed responsible to adhere to the 2015 employer mandates, your organization must provide health care coverage to at least 70% of your determined full-time employees. In 2016, this percentage requirement will go up to 95%.
Look-Back Measurement: As you navigate through the process of determining the total number of your full-time employees, you may still utilize the optional “look-back measurement” method to assist with identifying the status of employees that have various and seasonal hours.
Affordability Safe Harbors: For many organizations, successfully determining if their coverage meets the “affordability” standards can prove challenging; the final provisions for employers puts in place safe harbors so business owners can quickly and accurately identify the affordability of their plan using factors such as pay, hour rates or the federal poverty level as benchmarks.
Plan Years After January 1: While the general rule of thumb date for Obamacare compliance is January 1, it’s important to note that there are exceptions to this rule. If your organization’s plan year does not start on January 1, you can begin your employer compliance at the onset of your internal plan year start.
These are just some of the most critical provisions outlined in the Affordable Care Act referencing employer responsibility. The government has stated that as these limited transactions begin to take effect in 2015, they will consider extending any of them into 2016 as deemed necessary.
Employer Responsibility Reporting: A Key Component In PPACA Compliance
Of course, simply offering affordable health care to your employees isn’t enough. Beyond meeting the employer requirements as outlined in the Affordable Care Act, organizations must also compile and submit various designated reports. In order to effectively remain compliant and avoid incurred penalties and fees, businesses must submit the appropriate paperwork based on the total number of full-time employees.
Are you concerned about your organization’s healthcare reform compliance? The Payroll Company could provide your ideal solution. Our team of HR experts can help manage your Obamacare process to ensure that your employees receive the benefits they are entitled to, and keep your organization compliant with the ever-changing health care reform mandates. Visit our website today, or request more information at: http://www.payrollcompany.biz/request-information.