Health Care Reform and Compliance

Since the Patient Protection and Affordable Care Act (PPACA) was signed into law in 2010, there have been numerous changes and delays to the law’s implementation. One thing that has remained constant is the impact PPACA has had and will continue to have on your company and your employees. Since the start of 2015, the potential pitfalls and penalties loom large for companies with 50 or more employees, while companies with fewer than 50 employees face a variety of plan and pricing options and difficult decisions.

In addition to fines, penalties, and a new rating structure, PPACA creates an entirely new and intricate layer of IRS reporting requirements and documentation. Let our health care reform experts help you identify and mitigate the compliance risk your company faces under the Affordable Care Act.

I have more than 50 employees:

While it may have seemed like PPACA took a while to get here, for your-sized company the law is now upon us. Fines and penalties are now a real threat and plan compliance is more crucial than ever. Has your current advisor addressed or answered these questions with you?

  • Have you determined how employees are tracked and deemed eligible for benefits?
  • Do you know what reporting you are required to file under IRS Code Sections 6055 and 6056?
  • Does your benefit plan meet minimum value and affordability requirements?
  • Are you aware of the penalties you face and what events trigger those penalties?

If you answered “no” to any or all of these questions, it’s critical that you address them immediately. Let our team of insurance advocates help you get on track and avoid unnecessary fines and penalties.

I have 50 or fewer employees:

Fortunately for your company, you are not subject to any of the penalties and trapdoors that larger companies have to consider. However, that certainly does not mean you and your employees are not affected by PPACA. Most businesses your size are trying to figure out the new insurance market landscape and pricing structure, yet still wanting to continue to attract and retain talent with an attractive benefits offering. Has your advisor talked with you about:

  • The impact of community rating to your group’s benefit plan
  • Conducting a cost/benefit analysis for continuing to offer a group health insurance plan
  • Alternate premium funding concepts
  • Industry trends and benchmarking to remain ahead of your competitors in attracting and retaining talent

Let us help you understand all of the options available to your business and formulate a solid long-term strategy and vision for your benefit plan and your employees.