Lost in the politics of the Affordable Care Act are several sections of the law experts from both political persuasion believe will have serious economic impact.
ACA compliance tips
What many often do not realize is the amount of compliance the health reform law created. Examples include new insurance rules created in section 1302 (B) and the requirement in section 1513 every business with more than 50 full-time employees must provide affordable health coverage meeting government defined essential health benefits. This will create a niche of vulnerable businesses facing serious compliance challenges right now.
Some companies are facing fines in the millions and future penalties are being crafted through regulation.
- The Obama healthcare reform law looks at every business based on the specific demographics of each firm.
- This is why it is impossible to explain completely what it means to the business community as a whole.
- The healthcare reform law looks at several variables such as size of workforce and their average wages.
- Therefore every single business in America will be affected differently.
- Those companies who think they will not see any impact should consider this point. Are you seeing your clients scaling back business because they are facing added costs? The majority of businesses in this country are right now.
These are questions where the answer remains unknown, and will for the next year. The unfortunate reality of the situation is this. Most who voted for Obamacare would privately admit there needs to be some revision. The problem is it takes significant pain before any change real change can happen with hour our leaders are behaving. The fiscal cliff debacle may be a harbinger for the future management of the U.S. federal government. Do not get off guard.
It is more important now than ever to prepare for the challenges ahead.
If you are a business with more than 50 employees there are several sections of the law you need to understand to avoid penalties of up to $1,000 per day per employee for non-compliance. E.D. Bellis can help you plan ahead and avoid future penalties. We an also help manage your businesses relationship with the federal government and come up with a solution that works for you.
Introductory packages are affordable for small businesses are and small to mid-sized groups would be wise to consider booking Sean to come explain the impact of the health reform legislation to your community or organization.