Curious eyes have been turned toward the ongoing debate over health care. Recently, the GOP proposed the American Health Care Act (AHCA) in an effort to repeal and replace the Affordable Care Act (ACA). However, after not obtaining enough supportive votes, this healthcare bill was withdrawn on Friday, March 24, 2017.
It is unclear if the GOP will press forward in drawing up another bill. For now, though, the ACA is still in place, and employers are expected to adhere to it as the current law.
What Does This Mean For Your Business?
Many employers are unaware of the specific requirements of the Affordable Care Act. It’s no wonder, as the law is not always easy to understand and navigate. However, guessing or making assumptions when it comes to compliance with the ACA can result in costly penalties for employers.
Employers who are already busy with an endless list of tasks involved in owning a business may find it tedious to keep up with current laws, let alone making sure their business is compliant on every point. And yet, they are expected to comply with all of those points of the law. The following is a small sampling of knowledge an employer must have in navigating the process of compliance:
- Am I aware of the maximum cap for Flexible Spending Accounts?
- Is my particular business required to report that we require health coverage?
- Am I aware of the incentives created by the ACA to promote employer wellness programs?
For many employers, having a working knowledge of the specific points of the law is quite overwhelming. At pinnaclesolveshr.com, we understand the intricacies of the ACA, and we come alongside employers to ensure their compliance with the law.
At this time, ACA Compliance and reporting for 2017 will remain in effect. As we receive more updates from Washington D.C, we will keep everyone posted of any and all changes.
If you have any questions or concerns, please feel free to contact us as we are always here to help.
Learn more about how the ACA affects employers in the 2016 ACA Compliance Guide.