Employer Strategies to Avoid Costly Plan Mistakes
Healthcare reform has added several additional layers to an already complex world of employee benefit compliance. The new Affordable Care Act (ACA) requires employers to assume several new responsibilities.
Businesses large and small are now trying to figure out exactly how to adopt an ACA compliance strategy. Failure to do so can lead to penalties of $2,000 to $3,000 per employee.
It’s critical that employers take a pro-active approach to ensuring they are on the right-track. Unless your plan was grandfathered, there are several ACA compliance requirements that have already been in effect since 2012. Many of these required the employer to update their plan designs and administrative practices around other laws (like ERISA compliance and/or cafeteria plan compliance).
Additional requirements began in 2013 such as ensuring coverage meets minimum standards. And now with 2014 upon us, employers have many additional administrative requirements they need to ensure are in place. These include new testing requirements, government reporting, and eligibility tracking just to name a few.
The important take-away here is that an employer’s ACA compliance responsibility didn’t end with determining whether they should consider “grandfathering” their plans or evaluating the “pay or play” rules.
Get the practical advice you need to deal with the ACA compliance requirements:
These FREE videos, presented by ComplianceBug founder Peter Lewenson, give you a detailed roadmap to become ACA compliant. They cover:
Your Fiduciary Duty & ACA Compliance
Non-Discrimination Testing: Now Required for Fully Insured Plans
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