Affordable Care Act implementation has been cyclical and many have predicted it would implode, be delayed or go away. As we approach the second half of 2015, this appears to not be the case.
Soon the businesses over 50 full time employees burying their head in the sand the past few years to avoid the necessary work needed to comply with the employer mandate and other reporting requirements coming in February 2016 will discover the consequences of the foolishness.
E.D. Bellis began in late 2011 as a direct response to sections of the law like 1511-1522 and others we correctly predicted would challenge the customers we serve. These sections alone have already caused many businesses, particularly those in the service industries, to experience some major heartburn. If it weren’t for a delay, the pain would be much more.
Recognizing these challenges, we have been warning companies for over four years and often to no avail, but now the stakes are high. The other day one of my colleagues and I were talking about the reporting requirements looming over mid-sized businesses happening in a few short months. He described this seminal moment in compliance as a “Paul Revere” type of situation and if businesses want to keep their independence, they will need to comply by February 2016.
One of my favorite programs is AMC’s “Turn” and this is a great metaphor, but I am looking for one a little more contemporary that connects with those beach bums who enjoy surfing enjoying the coasts. Anybody who has been in the ocean knows that each wave forms before it crashes and some are much bigger than others. Unfortunately for those unprepared, the looming regulatory requirements may look more like a hurricane crashing into the shore when it is all said and done this fall.
This compliance wave has been building for years and is now beginning to formulate. Meanwhile, EDB continues to position themselves in the best spot to help serve these companies when it does break for shore.
We can help companies of any size and our home office is strong. We also have capitalized on available technology, the incentives in the law and strategic partners to bring the most comprehensive automated compliance solution to the marketplace for large employers and our strategic employee benefit partners
Thousands of businesses are likely out of compliance right now. If businesses are not implementing the right processes and systems to handle the reporting and other requirements in the law they may drown in paperwork or worse penalties and taxes. Some have done the necessary research and paid for services, but many are still trying to figure out what to do.