Affordable Care Act (ACA) has hit the employers’ serenity in a big way and forced them to remain compliant with the new changes. According to reports, in 2015, only 70% full-time employees had to be offered health care coverage, which after some new amendments, rose to 95%. This has led to more burden on the employers adding up more compliance issues, affordability calculations and high concerns regarding employment status and calculations.
Here are the four topmost employer concerns revolving around ACA Compliance:
Employers Are Getting False Hopes!
After witnessing stringent rules and complexities, most of the employers get a false hope that compliance requirements will be delayed or removed (due to its complications). As a result, they wait for the expected outcome. But, most of them, get severe penalties due to late filings. Sometimes, Internal Revenue Service (IRS) does give the extension, but this does not mean that employers can get away from penalties in case of non-compliance or missing any important deadlines.
Lack Of ACA Knowledge!
Understanding the basic requirements and employee eligibility for offering coverage as per ACA mandates is the major requirement in attaining compliance and saving yourself from the heavy penalties. But, most of the employers don’t know which workers qualify as full-time employees and what they have to do as per the rules. This creates a baffling situation for most of the employees and makes the whole process little troublesome.
Clearly, ACA eligibility is one of the toughest parts and remains an area of concern for the employers as they move through the calendar. For this, you need to have an ongoing, accurate, and focused team to track evolving federal rules and regulations. This will help you stay compliant.
Lack Of Proper Resources!
Filling a simple IRS form is not so easy task as it seems to be. Most of the HR departments assumed IRS filing as a cakewalk and did not put much efforts to contemplate on the vital requirements. But, now they are realizing that they need a lot of information and tech assistance from different departments to comply by all the requirements and submit the forms to IRS within the given time limit.
How Can An Experienced Broker Help?
It is no surprise that with the rising complexities and challenges revolving around ACA compliance, employers do need an expert assistance to fulfill the requirements. This is how a broker’s role comes into picture!
But, many employers get into trouble after choosing the wrong broker. As they couldn’t handle the basics and also provide their clients with wrong information leading to ACA troubles. Therefore, choosing the right broker is the way to get things through without any violations.
A broker can help his/her clients by providing the solutions rather than just doing the business. They can act as a consultant and trusted advisor to their clients and can save them big from the heavy ACA penalties. Therefore, it is very important to have a right broker by your side. Do proper research before choosing any!
Putting All Together:
Observing things superficially and not understanding the complete scheme can cost you big and may increase your burden. Therefore, it is better to have proper details and knowledge of each and everything that is related to ACA before it gets too late. A comprehensive broker can help you largely by guiding you to the right path alleviating your ACA troubles.