The Affordable Care Act has been the biggest overhaul of the health care system with the goal of expanding access to insurance, increasing consumer protections, and emphasizing prevention and wellness. Its purpose is to also improve quality and system performance, expand the health workforce, and curb rising healthcare costs. And as with many new programs instigated on a federal level, the ACA can affect your business if you don’t meet mandatory compliance standards.
The bad news? Compliance standards are can be extremely time-consuming in trying to learn what you are required to do by law. The language in the ACA isn’t always straightforward, so determining what applies to you, what changes to make, and what could cause problems might not always be cut and dry.
The good news? You don’t have to do the legwork. TPC will monitor your compliance for you. We’ve gained an in-depth knowledge of the ACA and all of its complexities and how it affects our clients. Our complete compliance package will make sure you’re in check with the law and to avoid any penalties.
The BEST news? This allows you to relax, breathe easy, and focus on what’s important: your business.
Under Health Care Reform, employers have the responsibility to provide their employees with health insurance coverage. If certain employers don’t offer employees and their dependents health coverage, or if it is determined to be unaffordable or doesn’t provide minimum value, there could be penalties. Along with this, certain employers must report insurance coverage offered to full-time employees and the value of employees’ health benefits.
The Medical Loss Ratio of the ACA has required insurance carriers to issue rebates to affected employers and employees. If you’re a small business owner who offers health insurance to your employees, you may qualify for a credit to offset the cost of premiums. If you don’t offer health insurance, the tax credit may help you afford it.
There are a lot of steps to take and many precautions to be aware of depending on the size of your business. At TPC, we know the ACA backwards and forewords and are eager to help you and your business navigate all of the twists and turns.